NEW DELHI: India’s Petroleum Planning and Analysis Cell estimated that India’s crude oil imports rose 3.3% to 4.58 MMbpd (million barrels per day) in November 2016 compared to the previous month. It’s 12.7% higher than the same period in 2015. In November, imports were at the highest level since April 2009. A rise in domestic demand led to the rise in refinery demand.
It led to the rise in crude oil imports. The rise in crude oil imports from India supports crude oil (USO) (UCO) (PXI) (ERX) (USL) (RYE) prices. India is the second-largest crude oil consumer after China in Asia. For more on crude oil prices, read Part 1 of this series. For more on China, read China’s Crude Oil Imports and Demand Impact Crude Oil Prices.
