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The United States and Canada accounted for 11 percent of India’s crude oil imports in January—a record-high share of North American crude for the world’s third-largest oil importer, Reuters reported on Monday, citing data obtained from trade sources. India’s total crude oil imports last month averaged around 4.8 million barrels per day (bpd), down from a three-year high in December, but slightly up compared to January last year. In December 2020, India’s crude oil imports were estimated to have jumped by 29 percent compared to November and by 11.6 percent compared to December 2019, to more than 5 million bpd. This was the highest import level in almost three years. In January, India’s imports eased from December, but demand for crude oil from the United States and Canada increased as gasoline demand rebounded. According to Reuters estimates, India’s imports from the United States nearly doubled month over month to 367,000 bpd in January, making the U.S. India’s fourth-largest supplier of crude oil after Iraq, Saudi Arabia, and the United Arab Emirates (UAE). Imports from Canada also doubled to 142,000 bpd. At the same time, the share of the Middle East in India’s imports dropped to 61 percent—the lowest level […]
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