The country's daily import of crude oil remained at a record high in January

Mumbai: The country's crude oil imports reached a new record high in January due to increased industrial activity. An increase in imports has been seen due to increase in demand. As a result of the Red Sea crisis, cargo deliveries from the US were delayed in December.

India's crude oil imports in January stood at 52.40 lakh barrels per day, up 17 percent from December and 3.50 percent year-on-year.

Earlier in January 2018, the country's daily import record of crude oil was 51 lakh barrels.

The movement of oil cargo from the US and Latin America slowed in December due to an overnight maritime crisis. Local refinery sources said the goods meant for December arrived in January. India's crude oil imports from Russia increased again after a slowdown in December.

Given the country's increasing economic growth rate, crude oil imports are likely to increase in the coming months.