Data released by the Indian government on Monday showed that India's crude oil imports fell 8.7% month-over-month to 18.56 million tons in July, marking the lowest level since February 2024. According to data from the Petroleum Planning and Analysis Cell, crude oil imports declined 4.3% year-over-year compared to 19.4 million tons in July 2023.

Meanwhile, petroleum product imports in July dropped approximately 12.8% year-over-year to 4.31 million tons, while product exports decreased 2.1% to 5.02 million tons.