India's crude oil imports hit highest level since March
What's the story
India's crude oil imports have witnessed a marginal rise of 0.2% month-on-month in November, reaching 21.06 million metric tons, the highest since March. The data released by the government on Monday shows an annual increase of 11.1% from last year's figure of 18.95 million tons for November, according to the Petroleum Planning and Analysis Cell (PPAC).
Market shifts
Crude oil product imports and exports decline
Despite the rise in crude oil imports, India's imports of crude oil products have seen a significant annual decline of 8.6% in November, totaling 4.25 million tons. Exports of these products also fell marginally by 1.7%, amounting to 5.25 million tons during the same period. This indicates a shift in India's trade balance for crude oil and its derivatives amid changing global market dynamics.
Import patterns
Reliance Industries continues Russian oil imports
In a major development, Reliance Industries Ltd has continued to import oil cargoes from Rosneft. This comes after the company secured a one-month concession from Washington's sanctions on the Russian producer. India's imports of Russian oil are expected to exceed 1 million barrels per day in December, contrary to predictions of a steep drop as refiners have resumed purchases from non-sanctioned entities at discounted rates.
Expansion plans
Chennai Petroleum Corp plans refinery expansion
Chennai Petroleum Corp has announced plans to expand its Manali refinery in South India. The company intends to increase the facility's capacity from 210,000 barrels per day (bpd) to 280,000 bpd. This move is part of a larger growth strategy that also includes venturing into fuel retailing, according to a top executive's statement on December 18.