India's Jan crude oil imports ease from one-year highs
A nozzle pumps petrol into a vehicle at a fuel station
India'scrudeoilimportsinJanuary slippedfromone-yearhighshit in the previous month, though fuel demand is expected to recover as several stateseasecoronavirus restrictions after a decline in cases.
Crudeoilimportsfell about 1.7% to 19.26 million tonnes last monthfromayearearlier, government data showed on Friday. Lowerimportscorresponded with the country'soildemand falling 0.2% on an annual basis inJanuary.
It's impossible to ignore the impact of the Omicron variant of coronavirus and that along with highoilprices hampered fuel demand inJanuary, said Craig Erlam, senior market analyst at OANDA.
"The price will continue to be a headwind as far as demand is concerned in the near-term but with the country emergingfromanother COVID wave, I'd expect to see it continue to recover."
Januarycrudeimportsdecreased by about 2.6%fromthe previous month but were 2.9% higherfrompre-pandemic levels of December 2019.
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The International Energy Agency (IEA) in its monthly report said Indianoildemand is projected to increaseby 320,000 barrels per day (bpd) in 2022, which would surpass the 2019 rate by 40,000 bpd, with LPG/ethane, gasoline and naphtha rising the most.
Oilproductimportsrose 12.4% to 3.43 million tonnesfromayearearlier inJanuary, while exports jumped 14.4%.
Refiners in Asia are waiting to resumeimportsfromIran amid hopes of an agreement to revive Tehran's 2015 nuclear deal with world powers. A refinerfromIndia, Iran's No. 2 customer, is in talks with Iran for sourcing itsoil, an Indian refining source said.
India'soilimportsfromIraq surged to a 29-month high last month, datafromshipping and industry sources showed.
JanuaryoilimportsofIndia'sReliance Industries, owner of the world's biggest refining complex, jumped about 8.3%fromDecember.