Crude oil imports drop as refineries shut, West Asia tensions rise

India’s crude oil imports dropped to a 13-month low in October.

Averaging 4.35M barrels/day—a 7.6% dip from September. The reasons? Refinery maintenance and West Asia’s rising tensions.

With many refineries offline for maintenance, capacity was down. And geopolitical risks.

Especially Israel-Iran tensions, have refiners cautious about potential price surges.

Notably, imports from Russia, Iraq and Saudi Arabia declined, with Russian imports alone dropping by 9.2%, partly due to competition from China.

Analysts expect imports to rebound in November.

Despite recent dips, India’s over 85% dependency on crude keeps it sensitive to price changes—meaning any volatility in oil prices will impact us all.

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