India’s crude oil imports decreased by 148 tb/d or 4.7% in October to stand at a level of 2.97 mb/d. India’s crude oil imports in the first ten months of 2011 were estimated at 3.34 mb/d, 186 tb/d or 5.9% higher than in the same period the previous year. Product imports, which declined for the fifth consecutive month, fell by 9 tb/d or 3.2% in October to an average of around of 260 tb/d. Despite an increase in gasoline imports to 24.1 tb/d from 9.9 tb/d in September, the overall decline in India’s product imports continued in October.
However, India’s product imports still remained above the low 250 tb/d level recorded in May 2011. Compared to a year ago, October’s product imports were 12.2% lower this year. LPG and fuel oil were the main contributors to the product import fall in October. LPG declined by 15.6 tb/d or 14.2% to a level of 93.8 tb/d, while fuel oil declined by 7.7 tb/d or 51.6% to 7.22 tb/d. India’s product imports in the first ten months of the year stood at 320 tb/d, representing a decline of 10 tb/d or 3% compared to the same period the previous year, when they stood at 330 tb/d.
On the export side, India’s product exports decreased by 93 tb/d or 7.3% compared to the month before to stand at 1.19 mb/d. The decrease offsets the moderate increase seen since the month of August. Y-o-y product exports decreased by 6.9% in October. India’s product exports over the last ten months showed an increase of 225 tb/d or 21.4% to a level of 1.27 mb/d compared to 1.05 mb/d in the same period last year.
India’s net oil imports decreased by 64 tb/d or 3.0% to an average 2.04 mb/d, diping below this year’s lowest level in May of 2.096 mb/d. Y-o-y a decline of 2.2% was recorded. In the first ten months of the year, imports stood at a level 2.38 mb/d, 49 tb/d or 2.0% lower than last year’s level of 2.43 tb/d.