OPEC says India’s crude oil imports drop to 22-month low in Jul-25, still expects firm oil product demand this year

OPEC stated in a latest monthly update that India's crude imports dropped to a 22-month low of 4.4 mb/d in July, amid tariff- and sanction-related uncertainties. Product imports fell back from a seven-month high the month before to average 1.2 mb/d but remained well above the five-year range. Product outflows from India saw declines across all major product categories, led by gasoline. However, overall, in 2025, oil product demand in India is expected to grow by 152 tb/d, y-o-y, to average 5.7 mb/d. Transportation fuels are projected to drive oil demand growth.