Crude oil imports plunged 20% in April, reaching their lowest level in nearly two years, signaling weaker demand despite ongoing concerns surrounding the global supply crisis.
According to reports, state-owned firms have started reselling oil cargoes to international buyers, reflecting oversupply conditions and softer domestic consumption than previously expected.
The developments come as global energy markets continue to face volatility driven by geopolitical tensions and supply chain disruptions, while investors closely monitor real demand indicators across major economies.
Analysts believe the resale of oil cargoes may point to slowing economic activity or weakening industrial demand, potentially influencing oil price trends in the coming months.