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India Oil Trade in September 2012

Source: OPEC 10/24/2012, Location: Asia

India’s crude oil imports increased in August by 108 tb/d or 3% m-o-m and by 4% y-o-y, to average 3.4 mb/d. The increase came as a result of an expansion in the country’s refining capacity. India’s product imports dropped in August by 7 tb/d or 2.1% to average 339 tb/d, which was, however, a gain of 10.5% y-o-y. This drop came on the back of lower imports of diesel and fuel oil, which declined in August by 46.2% and 11.1% respectively. With regard to India’s product exports, there were declines on a both monthly and an annual basis. They dropped by 4.2% from the previous month to average 12.2 mb/d, and they were 5.5% down from a year earlier. The monthly drop was due to lower exported volumes of petrol and fuel oil. Diesel was the only product which saw an increase in exports, at 5.1%, while exports of naphtha and fuel ended the month flat.

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