In October, India’s crude imports averaged 3.38 mb/d, that is 137 tb/d or 3.9% lower than in the previous month, when they had risen to a multi-month high. Yet the monthly figures showed a gain of 14% over the same month a year earlier. Product imports saw a similar pattern, decreasing on a m-o-m basis by 9.5%, while y-o-y they increased by 47 tb/d or 18.8% to stand at 295 tb/d. The fall in monthly product imports was mainly due to a general decline in all product imports in October, with the greatest fall registered by LPG imports, declining by 33 tb/d or 25%.
India’s product exports increased by 209 tb/d or 16.1% in October to average 1.5 mb/d. This increase to a record-high level was due to a recent expansion in refining capacity. It came on the back of higher exported volumes of diesel, naphtha, petrol and jet fuel, which saw increases of 40%, 49%, 3% and 17% respectively; fuel oil exports were the only exception, dropping by 13% from a month earlier. Consequently, India’s net imports declined by 377 tb/d to average 2.17 mb/d, which was 15% lower than the level seen in September, yet 10.7% higher than a year earlier.