India Oil and Gas April (May) oil data – demand destruction is at Industries + LPG

Research evidence excerpt

India Oil and Gas April (May) oil data – demand destruction is at Industries + LPG

J P M O R G A N Asia Pacific Equity Research

08 June 2026

India Oil and Gas

April (May) oil data – demand destruction is at

Industries + LPG

Detailed data on Indian oil and gas consumption / production / imports suggest: a) Head of India Research

ACavailability is improving sequentially (Crude imports are up YoY in May), b) total Sanjay Mookim

oil consumption slowed further in April. This was driven largely by falling LPG (91-22) 6157-3600

sales and by major cuts to industrial fuels. Sale of oil / natural gas to retail is flat sanjay.mookim@jpmorgan.com

or up YoY, and c) pricing indicators are volatile, but landed prices have increased J.P.Tower,MorganSantacruz(E),India PrivateMumbaiLimited,- 400098,J.P. MorganSEBI

materially in April and should show up in published external accounts. In the near Registration: INH000001873, (91-22) 6157-3000.

term, we prefer Reliance and GAIL. The OMCs can be trades into falling oil prices. Atishy Rathi, CFA

(9122) 6157-3589

atishy.rathi@jpmchase.com• Crude imports improving: After challenges in March (down 17% YoY),

Indian crude imports have improved meaningfully. Imports for April were J.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI

down 4% YoY, but those for May are reported to be up 5% YoY. Much of the Registration: INH000001873, (91-22) 6157-3000.

improvement in April was backed by increased imports from Russia. Indian Parsley Ong

refiners have increased purchases from non-traditional countries (such as (65) 6882-8578

Brazil, Nigeria and Angola - Figure 6CrudeimportmixbyoriginforApr-26-amorediversifiedsourcingmix), even as Saudi Arabia and the UAE still parsley.rh.ong@jpmorgan.com

supplied c.28% of crude.