<p>India's July crude oil imports slumped to their lowest in a year, tanker arrival data from industry sources showed, and are likely to rebound in August as refiners are expected to boost runs after maintenance of units.</p>.<p>Crude imports in July fell 12.5% month-on-month to 3.4 million barrels per day (bpd), but rose 12.8% year-on-year, as refiners shut units for maintenance and cut crude imports anticipating lower fuel demand during the monsoon season.</p>.<p>Government data released on Tuesday showed India's oil imports declined to about 15.02 million tonnes, about 3.5 million bpd.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/oil-falls-in-breather-after-two-day-rally-on-supply-issues-1023262.html" target="_blank">Oil falls in breather after two-day rally on supply issues</a></strong></p>.<p>Data from trade sources include some cargoes that arrive in July and discharged in August, and differ from the government data.</p>.<p>"Some refinery maintenance in July limited Indian imports. Lower fuel demand in April-May should have led to high oil and fuel stocks," said Refinitiv analyst Ehsan Ul Haq.</p>.<p>Some refiners including Chennai Petroleum, Mangalore Refinery and Petrochemical and Indian Oil Corp's Gujarat and Mathura plant had cut crude runs due to low fuel demand, a government statement said on Tuesday.</p>.<p>Some units were shut at Hindustan Petroleum's Mumbai and Vizag refineries, IOC's Barauni, Haldia and Paradip plants and Bharat Petroleum's Kochi refinery for maintenance during the month, the statement said.</p>.<p>Latin American supplies in July fell to their lowest since June last year as private refiners switched to cheaper Canadian heavy oil, the data showed.</p>.<p>Haq said Latin American oil was replaced by heavier Canadian grades that traded at deep discount to West Texas Intermediate (WTI) crude futures. With Dubai-related crudes turning cheaper in comparison to Brent linked grades in July, Indian buyers shifted to buying more Middle East crude, Haq said.</p>.<p>Middle East's share in India's overall imports rose to 64.7% from 59% in June, the data showed.</p>.<p>That lifted the share of OPEC's oil in India's overall imports to 77.6% from 66.3% in June, although in April-July, the first four months of this fiscal year, the group's share declined to the lowest.</p>
<p>India's July crude oil imports slumped to their lowest in a year, tanker arrival data from industry sources showed, and are likely to rebound in August as refiners are expected to boost runs after maintenance of units.</p>.<p>Crude imports in July fell 12.5% month-on-month to 3.4 million barrels per day (bpd), but rose 12.8% year-on-year, as refiners shut units for maintenance and cut crude imports anticipating lower fuel demand during the monsoon season.</p>.<p>Government data released on Tuesday showed India's oil imports declined to about 15.02 million tonnes, about 3.5 million bpd.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/oil-falls-in-breather-after-two-day-rally-on-supply-issues-1023262.html" target="_blank">Oil falls in breather after two-day rally on supply issues</a></strong></p>.<p>Data from trade sources include some cargoes that arrive in July and discharged in August, and differ from the government data.</p>.<p>"Some refinery maintenance in July limited Indian imports. Lower fuel demand in April-May should have led to high oil and fuel stocks," said Refinitiv analyst Ehsan Ul Haq.</p>.<p>Some refiners including Chennai Petroleum, Mangalore Refinery and Petrochemical and Indian Oil Corp's Gujarat and Mathura plant had cut crude runs due to low fuel demand, a government statement said on Tuesday.</p>.<p>Some units were shut at Hindustan Petroleum's Mumbai and Vizag refineries, IOC's Barauni, Haldia and Paradip plants and Bharat Petroleum's Kochi refinery for maintenance during the month, the statement said.</p>.<p>Latin American supplies in July fell to their lowest since June last year as private refiners switched to cheaper Canadian heavy oil, the data showed.</p>.<p>Haq said Latin American oil was replaced by heavier Canadian grades that traded at deep discount to West Texas Intermediate (WTI) crude futures. With Dubai-related crudes turning cheaper in comparison to Brent linked grades in July, Indian buyers shifted to buying more Middle East crude, Haq said.</p>.<p>Middle East's share in India's overall imports rose to 64.7% from 59% in June, the data showed.</p>.<p>That lifted the share of OPEC's oil in India's overall imports to 77.6% from 66.3% in June, although in April-July, the first four months of this fiscal year, the group's share declined to the lowest.</p>