*India’s crude imports and demand rebounded back to pre-pandemic highs for Q1 and are likely to set new records in the coming months. Volumes have surged since February after January saw restrictions and curfews in several states amid a surge in Covid cases at the start of the year.
*From 4.49mn b/d for January, India’s oil demand surged to 4.96mn b/d for February and 4.95mn b/d for March, just below the record 4.99mn b/d figure set in March 2019. Both the Q1 average demand figure of 4.80mn b/d and Q1’s refinery runs of 5.26mn b/d were also second only to Q1 2019 records. With domestic crude output of 595,000 b/d down 4% for Q1 year-on-year, higher demand has drawn in more imports (see table and charts). (CONTINUED - 565 WORDS)