India Oil Trade in January 2012

Source: OPEC 3/10/2012, Location: Asia

India’s crude oil imports rose sharply in January 2012, by 806 tb/d or 25.2% m-o-m, standing at a level of 4.0 mb/d. In a y-o-y comparison, India’s crude oil imports in January 2011 were at 3.37 mb/d, which represents an increase of 629 tb/d or 18.7% compared to 2012 levels. Product imports in January decreased by 10.0 tb/d or 3.7% compared to December to an average of around 253 tb/d. Despite the increase of Diesel imports in January, the overall descent of certain product imports continued at a slower pace in January as well. However, India’s product imports in January 2012 still remained above the 250 tb/d level, the lowest since May 2011. Compared to a year ago, January’s product imports were 32.3% lower this year. LPG and fuel oil contributed to the product import decrease in January 2012, despite the fact that there were no deliveries for Gasoline for three months and Kerosene for five months. Diesel increased around 50.5 tb/d m-o-m and 26.5 tb/d y-o-y.

On the export side, products decreased by 39.3 tb/d or 3.2% in January 2012 m-o-m standing at 1.18 mb/d. The decrease was partially softened by the moderate increase from Naphtha and Fuel Oil, which represented 11.3 tb/d or 4.6% and 4.2 tb/d or 2.7%, respectively. On a y o-y basis, product exports decreased 54.0 tb/d or 4.4% in January 2012. As a result, India’s net oil imports increased 836 tb/d or 37.3% to average 3.08 mb/d. On a y-o-y comparison, an increase of 562 tb/d or 22.4% was seen.


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