India Oil Trade in January 2012

India’s crude oil imports fell m-o-m by 403 tb/d, or 11.1%, in December to 3.22 mb/d. on a y o-y basis, crude oil imports stood at 3.36 mb/d in 2011, which was 198 tb/d, or 6.3%, higher than in 2010. Product imports decreased slightly, compared with November, by 0.5%, or 1.3 tb/d, to an average of around 262 tb/d. Despite the increase in LPG imports in December, the overall fall in product imports continued at a slower pace during that month. However, India’s product imports remained above the 250 tb/d level in December, the lowest since May. Compared with a year ago, December’s product imports were 20.3% lower. Diesel oil, naphtha and fuel oil were also contributors to the decrease in product imports, aside from the fact that there were no deliveries for gasoline and kerosene.

LPG increased by around 17.7.0%, or 16.3 tb/d, m-o-m to 108.3 tb/d. India’s product imports in 2011 stood at 312 tb/d, which represents a decline of around 6.0%, or 20 tb/d, compared with 2010, when it was 332 tb/d. On the export side, products decreased by 81 tb/d, or 6.3%, in December m-o-m to stand at 1.22 mb/d. This reduction offset the moderate increase of the previous month. On a y-o-y basis, product exports increased by 11.5% in December. Over 2011, product exports showed an increase of 20.1%, or 213 tb/d, to stand at 1.27 mb/d, compared with 1.06 mb/d in 2010. As a result, India’s net oil imports decreased by 323 tb/d, or 12.5%, to average 2.26 mb/d. Y-o-y, there was an increase of 11.8%. Compared to the previous year, net oil imports of 2.40 mb/d represent a moderate decrease of 1.5%, or 35.0 tb/d.