As there is a rise in domestic fuel demand, so in the month of September, there is recorded a high import of oil 4.83 million barrels per day (bpd by India. As many refiners resumed operations after the heavy maintenance work, the demand increased.
India is the world’s third-biggest oil importer and had bought 4.2% more oil in September when compared with the same month last year and 19% percent more than in August 2017. This data comes from the ship-tracking data from industry sources and Thomson Reuters Analytics.
In September, India had bought 4.2% more oil and became the world’s third-biggest oil importer when compared with last year same month and also in August 2017, it is more than 19% percent.
On 2017 January-September, by 1.8%, India’s oil import increased and reached to 4.4 million bpd. From the Middle East, Africa and Latin America, most of the shipments came.
It has been noticed that in the third quarter of the year, normally the demand for fuel in India falls due to the monsoon and reduction in construction and industrial activities. So at this time, the refiners do the maintenance work.
Due to the increase in capacity of the refineries India’s oil demand also increased. To the refineries about 170000 bpd of extra capacity was added. For global oil companies, India comes out as a key market and imports to fulfil about 80% of its oil demand.
In 2018, as per analysts, India’s fuel demand is expected to increase by 4.5% this year and reach 4.2 million bpd and about 5.1% percent. To boost the domestic manufacturing refining capacity of India is increasing as fuel demand is expected to increase due to government policies.