India's June oil imports down 7.2pc y/y

NEW DELHI: India imported 4.47 million barrels per day (bpd) of oil in June, a decline of about 7.2% from the year ago month, according to preliminary tanker arrival data from shipping and industry sources, as some refiners undertook maintenance work.

During June, India did not receive Iranian oil as the country had suspended purchases from Tehran since early May due to US sanctions against Iran. Iran was ninth biggest oil supplier to India in May and third in June last year.

Iraq continued to be the top oil seller to India followed by Saudi Arabia. Venezuela emerges as the third biggest oil supplier to India in June, improving its ranking from No. 7 in May.