India Oil Trade in February 2013

Source: OPEC 3/18/2013, Location: Asia

In January, India’s crude imports reached a record high, increasing by 532 tb/d or 15% from the previous month to average 4.1 mb/d; this meant an annual increase of 118 tb/d or 3%. On the product side, India’s imports in January decreased by 37 tb/d or 12% m-o-m to their lowest level since December 2011, averaging 275 tb/d; y-o-y, the decline was 12 tb/d or 4.3%. This decrease was mainly a result of lower volumes of liquefied petroleum gas and naphtha, which declined by 23% and 18% respectively. No imports of petrol or kerosene were registered in January.

India’s product exports fell by 37 tb/d or 3% in January to average 14 mb/d. Y-o-y, product exports increased by 312 tb/d or 29%. The decline in monthly product exports was due mainly to naphtha and jet fuel, which dropped by 16% and 10% respectively. However, fuel oil exports increased by 18% from a month earlier.

Consequently, India’s net imports increased by 532 tb/d to average 3 mb/d, reflecting a gain of 21% m-o-m and yet a decrease of 6% y-o-y.

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