SunSirs: India's Crude Oil Imports Fell to a Three-month Low in February 2025

On Thursday, March 20th, Indian government data showed that India's crude oil imports in February decreased by 9.9% month on month to 19.1 million tons, the lowest level since November 2024.

India is the world's third largest importer and consumer of oil, and its import data represents the country's oil demand.

According to data from the Indian Petroleum Planning and Analysis Group (PPAC), crude oil imports in February increased by 4.7% compared to the same period last year, reaching 18.24 million tons.

In February, crude oil product imports decreased by 17.7% year-on-year to 3.73 million tons, while exports increased by 5.8% to 5.63 million tons.

Earlier this month, data from the Indian Ministry of Petroleum showed that India's fuel consumption in February hit a five month low, down 5.4% year-on-year to 19.09 million tons.

Last week's trade data showed that India's Reliance Industries imported approximately 454,000 barrels of Russian oil per day in February, a month on month increase of 26.4%.

According to shipping data, India's Russian oil imports rebounded in March and returned to near normal levels after three months of decline.

UBS analyst Giovanni Staunovo said, "The US sanctions on Russian crude oil in January may temporarily affect imports. As long as the Indian economy continues to expand, demand and imports are expected to show an upward trend.

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