Soaring Imports Push India’s Crude Stocks to Near 1-Year High

India’s strategic and commercial crude oil inventories have jumped to a nearly one-year high as the world’s third-largest crude oil buyer boosted its imports to a record high in June.

As at the end of June, India’s crude oil stocks held in strategic, commercial, and refinery storage had increased to 104 million barrels, up from 90.5 million barrels at the end of April, according to data from commodity intelligence provider Kpler cited by Indian outlet Economic Times.

Before the Iran war began, India held 107 million in crude oil…