In February, Indian crude imports reached a record high to average 4.3 mb/d, which is 638 tb/d or 18% higher than levels seen one month ago. During the same month, Indian refinery runs increased by approximately 300 tb/d. On an annual basis, India’s crude imports increase equals 798 tb/d or 23%. At the same time, product imports saw an increase by 21 tb/d or 5% from one month ago to average 459 tb/d, the highest amount since December 2012. Y-o-y, this reflects a gain of 148 tb/d or 48%. The monthly increase in product imports came mainly as a result of an increase in imports of fuel oil and naphtha, which rose by 50% and 10%, respectively. India’s product exports increased in February by 226 tb/d or 19% from the previous month to average 1.4 mb/d, with a volume increase of 169 tb/d or 13% from a year earlier. Monthly exports of diesel, fuel oil, petrol and naphtha increased by 12%, 98%,11% and 8%, respectively, from the previous month. Consequentially, India’s net imports increased by 433 tb/d to average 3.32 mb/d, 15% higher than levels seen in January and 30% more than in February 2013.