India Crude Imports Lackluster

India’s imports of crude oil have stalled in recent months, but the malaise in the country’s energy sector is deeper, with both coal and liquefied natural gas (LNG) also soft. 
India, Asia’s second-biggest crude importer behind China, brought in 3.99 million barrels per day in July, according to vessel and port data compiled by Refinitiv, Reuters reported. 
This was weaker than June’s 4.03 million bpd and only just ahead of May’s 3.91 million bpd. 
These three months have been the weakest for India’s crude imports since the 3.75 million bpd recorded in August 2017. 
Some of the recent softness in crude oil imports could be attributed to Indian refiners adjusting to the loss of cargo from Iran, after the United States did not extend waivers to buyers of Iranian crude beyond the beginning of May. 
This explanation would work for May and June, but not so much for July, given that Indian importers would have had plenty of time to make alternative arrangements. 
Crude oil imports for the first seven months of the year were 4.17 million bpd, according to Refinitiv, down from 4.4 million for the same period last year.