OPEC stated in a latest update that India's crude imports partly recovered in August following a 22-month low the month before, averaging 4.6 million barrels per day (mb/d). M-o-m, inflows rose by 168 tb/d, or about 4%, as buyers adjusted to tariff- and sanction-related developments. Y-o-, crude imports were down 136 tb/d, or about 3%. Russia accounted for 38% of India's total crude imports in August, down from 44% in the previous month. Iraq ranked second with 16%, followed by Saudi Arabia and the United Arab Emirates, both with 14%. For products, imports slipped by 51 tb/d or 4%, m-o-m, to average 1.2 mb/d. The decline was driven primarily by fuel oil, which offset a slight gain in LPG. Y-o-y, product imports were broadly unchanged. Product exports rebounded in August to average 1.4 mb/d, rising by 156 tb/d, or about 12%, m-o-m. Higher outflows were led by diesel and gasoline amid higher flows in Europe. Y-o-y product exports showed a similar increase, amid higher flows of diesel oil and gasoline. As a result, net product exports averaged 216 tb/d in August, compared with just 10 tb/d in the previous month and 57 tb/d in August 2024.

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