India Oil Trade in May 2014

Source: OPEC 5/18/2014, Location: Asia

India’s crude oil imports dropped In March, both on a monthly and annual basis after they reached an exceptionally high level in February. M-o-m, the drop in March was equal to 875 tb/d or 20%, while y-o-o they saw a slight decline of 35 tb/d or 1% to average 3.49 mb/d. March’s crude oil imports were the lowest for a month since July 2012.

India’s oil product imports dropped as well in March - by 107 tb/d or 23% to average 363 tb/d. From an annual standpoint, the decline equated to 11 tb/d or 3%. M-o-m, the decline in oil product imports came as a result of lower imports of fuel oil and LPG.

With regard to India’s oil product exports, they reflected a small increase from the previous month. In March, India’s oil product exports rose by a slight 0.6% to average 1.4 mb/d the highest level in 2014 so far. However, from a year ago, they showed a loss of 74 tb/d or 5%. The monthly increase in oil product exports came as a result of naphtha exports, which increased by 13% from the previous month, while all other product exports declined. Consequently, India’s net oil trade declined by 990 tb/d or 30% m-o-m, while it was still higher from last year by 28tb/d or 1% to average 2.4 mb/d

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