India’s crude oil inventories climbed to 104 million barrels in June, nearing levels last seen a year ago amid surging imports.
India’s crude oil inventories reached 104 million barrels at the end of June, up from 90.5 million barrels in April, driven by record-high imports. The increase marks the highest stockpile level in nearly a year, reflecting strong demand in the world’s third-largest oil consumer.
Prior to the Iran conflict, inventories stood at 107 million barrels, indicating a rebound in storage levels. The surge in imports aligns with India’s efforts to secure supply amid global market volatility.
No immediate market reaction was reported, though the build may signal potential softening in near-term crude demand.