India’s Petroleum Planning and Analysis Cell estimated that the country’s crude oil imports rose 0.60% to 4.2 MMbpd (million barrels per day) in July 2017 from the same period in 2016.

India’s crude oil imports averaged 4.0 MMbpd in 2016. It’s expected to average about 4.3 MMbpd in 2017. A rise in India’s crude oil imports is bullish for crude oil (PXI) (ERX) (DIG) (OIH) prices. India is the third-largest consumer of crude oil in the world. Higher crude oil prices have a positive impact on oil producers such as Carrizo Oil & Gas (CRZO), PDC Energy (PDCE), and Continental Resources (CLR).