India’s crude import bill surges 41% in July amid West Asia crisis; volumes up 13%

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India’s crude oil import bill surged more than 41% year-on-year to $13.7 billion in July. However, the sharp rise in international crude prices resulted in a significantly higher import outgo.

India’s crude basket averaged $82.04 a barrel in July, up from $70.95 a barrel a year earlier. Benchmark Brent crude prices remained volatile during the month as episodic developments in West Asia continued to influence market sentiment.

Brent crude futures were trading more than 1% higher at around $91.84 a barrel on Tuesday evening after the latest escalation in the region.

LNG imports remain largely stable

India’s liquefied natural gas (LNG) imports increased marginally by 1.5% year-on-year to 2,915 million standard cubic metres (MMSCM) in July.

India remains heavily dependent on overseas supplies to meet its energy requirements, with crude oil imports accounting for 88.5% of the country’s total crude oil consumption, according to the provisional PPAC data.

Petroleum product exports rise

Meanwhile, exports of petroleum products by Indian oil-marketing businesses increased 10% year-on-year to 5.5 MMT in July.

Revenue from petroleum product exports rose to $5 billion during the month, compared with $3.3 billion a year earlier.

Overall, the country’s net import bill for oil and gas – which is the difference between petroleum products, crude and gas imports; and exports of petroleum products – climbed more than 19% on a year-over-year basis to $11.2 billion.