*India has surged up the rankings of global crude importers in recent years. Imports hit an annual record of 4.76mn b/d for 2023, making India a clear number three behind China (11.3mn b/d) and the USA (6.5mn b/d). For 1H 2024 imports were higher still at 5.24mn b/d. Though this is essentially flat with the year-ago 1H 2023 figure, Indian oil demand and imports slumped in the second half of last year. In contrast, the IEA projects that Indian demand, and by extension imports, will remain firm through the remainder of 2024.
*In terms of the composition of these imports, the major shift over the last two years has been the massive growth of Russia. From number nine supplier for 2021, Russia has surged to be a dominant number one since 2023, with volumes up a further 2% year-on-year at 1.82mn b/d for 1H 2024 including a monthly record 2.24mn b/d for May (see chart & table). (CONTINUED - 288 WORDS)
