India Oil Trade in December 2011

India’s crude oil imports increased m-o-m by 628 tb/d, or 21.0%, in November, to stand at 3.62 mb/d. In the first 11 months of 2011, they were 3.37 mb/d, which was 230 tb/d, or 7.3%, higher than in the same period of the previous year. Product imports decreased slightly for sixth consecutive months up to November by 0.5%, or 1 tb/d, to an average of around 259 tb/d. Despite increases in gasoline and fuel oil imports in November, the overall decline in product imports continued at a slower pace. However, India’s product imports remained above the 250 tb/d level, the lowest from May in 2011. Compared with a year ago, November’s product imports were 25.7% lower. LPG was also a contributor to the product import decrease in November 2011 aside from the fact that there were no deliveries for gasoline and kerosene. LPG declined by around 2.0%, or 1.8 tb/d, compared with the month before, to 92.0 tb/d. India’s product imports in the first 11 months were 315 tb/d, which represented a decline of around 5.4%, or 18 tb/d, compared with the same period the previous year, when it was 333 tb/d.

On the export side, products decreased by 40 tb/d, or 3.3%, in November m-o-m, to 1.23 mb/d. On a y-o-y basis, product exports increased by 8.2% in November. Over the first 11 months, they showed an increase of 19.6%, or 207 tb/d, to reach 1.26 mb/d, compared with the same period of 2010, when they were 1.06 mb/d. As a result, India’s net oil imports increased by 586 tb/d, or 28.5%, to an average of 2.65 mb/d, which was the second-highest level since 2.94 mb/d in April. Year-on-year, they showed a rise of 16.5%. Comparing the first 11 months, which saw a level of 2.42 mb/d, we can note a moderate increase of 2.0%, or 5.0 tb/d, compared with the previous year’s 2.42 tb/d.