India Oil Trade in March 2012

Source: OPEC 4/18/2012, Location: Asia

India’s net crude oil imports declined by 242 tb/d, or 6.1%, m-o-m in February to stand at 3.76 mb/d. Y-o-y, they dropped by 243 tb/d from 3.52 mb/d. Product imports in February increased by 48 tb/d, or 19%, over January to average 301 tb/d. Increases in LPG and fuel oil imports were the main contributors. However, India’s product imports remained at 250 tb/d, the lowest level since May 2011. Y-o-y, they dropped by 7.8%.

On the export side, products rose by 115 tb/d, or 9.8%, in February m-o-m, to stand at 1.29 mb/d. This was driven by exports of naphtha, gasoline and diesel, with 29.7 tb/d or 11.6%, 20.5 tb/d or 6.9%, and 40.5 tb/d or 11.1% respectively. On a y-o-y basis, they increased 3.3% or 40.9 tb/d in February. As a result, India’s net oil imports decreased by 309 tb/d, or 10%, to average 2.77 mb/d. But, y-o-y, there was an increase of 7.1%, or 183 tb/d.

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