India Oil Trade in July 2013

India’s crude oil imports decreased for the second month in a row in June both on a monthly and annual basis. M-o-m the drop is equal to 483 tb/d, or 13%, while y-o-y it saw a decline of 259 tb/d, or 7%, to average 3.4 mb/d. India crude imports are considered to be at their lowest level since July 2012.

India’s product imports dropped as well in June by 21 tb/d, or 8%, to average 243 tb/d, the lowest this year so far and down from same month last year by 18%. The drop in product imports came on the back of reduced imports of LPG, which declined in June by 40%.

With regard to Indian product exports, the figure reflects an increase in all exports except for naphtha, which dropped by 21 tb/d or 9% from last month. Therefore, total product exports increased by 5% from May and by 10% from last year to average 1.3 mb/d. The monthly gain in product exports was the result of higher exported volumes of diesel, jet fuel and fuel oil.

Consequently, India’s net oil trade saw a drop of 567 tb/d, or 20%, from last month and a drop of 423 tb/d, or 16%, from a year ago.