India Oil Trade in January 2013

Source: OPEC 2/23/2013, Location: Asia

In December, India’s crude imports declined for the second consecutive month by 78 tb/d, or 2.1%, from the previous month to average 3.6 mb/d. India’s crude imports in December are considered the lowest since August 2012. India’s crude imports have decreased as Reliance Industries plans to have one of its refineries go on maintenance in January for 25 days.

Nevertheless, crude imports reflect an annual increase of 284 tb/d or 9%. On the product side, India’s imports in December saw a small decrease of 5 tb/d, or 1.6%, m-o-m to average 305 tb/d, while y-o-y they increased by 49 tb/d or 19%. The decrease seen in products imports came mainly as a result of decreased volumes in fuel oil, naphtha and diesel. India’s product exports declined in December by 299 tb/d, or 19%, to average 13 mb/d. On a y-o-y basis, the product exports increased by 15 tb/d or 1.2%. The drop in monthly product exports has been registered on all products with the largest decline seen in diesel exports. Consequentially, India’s net imports increased by 217 tb/d to average 2.6 mb/d, reflecting a gain of 9% m-o-m and 14% y-o-y.

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