The record
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- India imported 3% less crude oil in August than in the same month last year.
- The total crude import bill rose 18.2% to $11.7 billion despite the lower volume.
- The average price of India's crude oil basket climbed to $90.19 per barrel in August from $69.11 a year earlier.
- India's net oil import bill stayed unchanged at $9.3 billion because export earnings from petroleum products rose about 43%.
- The unchanged net bill matters because it shows higher crude prices are being offset by stronger refining export revenues.
What to watch next
- Impact of the early-September resurgence of tensions in West Asia on crude prices and India's import bill
- Trend in India's crude oil basket price, which averaged $90.19 in August versus $82.04 in July
- Direction of LNG import volumes and spending after a nearly flat August
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