Commodity Tips: - India`s Oil Imports Hit Record High In January

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India imported a record 4.93 million barrels of oil per day (bpd) in January to feed its expanded refining capacity and meet rising demand, ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts showed.

 

The world's third-biggest oil importer shipped in 13.6 percent more oil in January than a year earlier and about 12.5 percent more than the previous month, the data showed.

 

Imports in January were high as state-run refiners, which operate two-third of India's nearly 5 million bpd capacity, usually boost runs in the March quarter to meet government-set targets.

 

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