\u201cTaking advantage of the low crude oil prices in international market, India purchased 16.71 million barrels (mbbl) of crude in April \u2013 May, 2020 and filled all the three Strategic Petroleum Reserves created at Vishakhapatnam, Mangalore and Padur,\u201d the ministry said in a statement, quoting Oil Minister Dharmendra Pradhan as telling Parliament in a written reply today.<\/p>\n
The average cost at which India bought the crude oil in April and May was $19 per barrel, compared to $60 a barrel oil price in January 2020. Thanks to the cheapest oil in years at the start of the second quarter, India saved US$685.11 million on its crude oil import bill, the ministry said. \u201cTaking advantage of the low crude oil prices in international market, India purchased 16.71 million […]<\/p>\n","protected":false},"author":2,"featured_media":30,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/yancotrd.com\/en\/wp-json\/wp\/v2\/posts\/163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/yancotrd.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/yancotrd.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/yancotrd.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/yancotrd.com\/en\/wp-json\/wp\/v2\/comments?post=163"}],"version-history":[{"count":2,"href":"https:\/\/yancotrd.com\/en\/wp-json\/wp\/v2\/posts\/163\/revisions"}],"predecessor-version":[{"id":167,"href":"https:\/\/yancotrd.com\/en\/wp-json\/wp\/v2\/posts\/163\/revisions\/167"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/yancotrd.com\/en\/wp-json\/wp\/v2\/media\/30"}],"wp:attachment":[{"href":"https:\/\/yancotrd.com\/en\/wp-json\/wp\/v2\/media?parent=163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/yancotrd.com\/en\/wp-json\/wp\/v2\/categories?post=163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/yancotrd.com\/en\/wp-json\/wp\/v2\/tags?post=163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nIndia, like the world\u2019s largest oil importer, China, took advantage of the lowest oil prices in decades in April to stock up on crude oil.
\nAs a result, India paid much less for the crude<\/strong><\/a> oil imported between April and July 2020 compared to the same period last year, due to the significantly low oil prices and lower import volumes amid decreased fuel demand.
\nBecause of the slump in international oil price benchmarks, India\u2019s crude oil import bill was US$12.4 billion in April-July, the first quarter of India\u2019s fiscal year. For this sum, India imported 57.2 million tons of crude oil, compared to imports of 74.9 million tons worth US$36.2 billion for the same period of 2019, Pradhan told Parliament last week.
\nFuel demand in India, which crashed by 60 percent during the initial nationwide lockdown, fell again in August month over month, for the biggest monthly decline since April, as localized lockdowns impacted mobility and economic activity.
\nIndia\u2019s oil import volumes could also be a source of concern on the oil market\u2014imports fell in June to the lowest in more than five years, while the imports in July slumped to their lowest level in over a decade amid local lockdowns and refinery maintenance.
\nPublish Date : 2022\/06\/22<\/p>\n","protected":false},"excerpt":{"rendered":"