CRUDE OIL FORECAST –
Crude oil imports in October rose to their highest level in at least more than seven years, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed. Crude imports in October climbed 10.5 per cent from a year earlier to 21.02 million tonnes, the highest monthly import figure in PPAC data going back to April 2011. Imports rose as many refiners resumed purchases after maintenance of units. In October, oil imports from Africa surged to more than a three-year high, showed the data released on Tuesday.
Oil imports typically rise from October due to higher fuel demand in the festival season and as industrial activity picks up after months of monsoon rains.
India is among the eight countries to have received a waiver from the United States to continue crude oil imports from Iran without penalty after sanctions were reimposed on Tehran.
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