Indian imports drop as cargo costs curb spot buys

Tuesday, 26 July 2022
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Indian imports of liquefied natural gas dropped by 9.5 percent in June, the 10th straight monthly decline, as LNG prices have increased in the spot market and curbed buying activity in Asia.

LNG deliveries in June to India’s network of six terminals amounted to 1.81 million tonnes, or 27 cargoes, compared with 2.00MT, or 30 shipments, in June 2021, according to data just published by Ministry of Petroleum and Natural Gas.

Shipments in May 2022 had come to 1.87MT compared with 1.94MT in May 2021.

The import total for the fiscal year so far amounted to 5.47MT in the April-to-June period, down 9.6 percent from the 6.05MT delivered in the same three months of 2021.

India’s June LNG shipments cost around $1.2 billion, or 9,586 crore Indian rupees, compared with about $800 million, or 6,391 crore rupees, in June 2021.

The LNG imports from April to June cost $3.4 billion, or 27,163 crore rupees, compared with $2.4Bln, or 19,174 crore rupees, in the prior-year period.

The nation’s crude oil imports increased by 20 percent and 17 percent during June 2022 and April-June 2022 respectively compared with the corresponding period of the previous fiscal year.

This Ministry figures also showed that net imports of both oil and gas in June 2022 cost $13.0Bln, or 103,858 crore rupees, compared with $7.3Bln in June 2021.

LNG deliveries to Indian terminals come mainly from Qatar, which provides over one-third of volumes, as well as West Africa, the US, Asian nations, Australia, Russia and the spot market.

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