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India Oil Trade in July 2014

Source: OPEC 7/16/2014, Location: Asia

India’s May crude imports declined by 493 tb/d or 12% from the previous month to average 3.5 mb/d. Annually crude imports showed a drop of 522 tb/d or 13%. On the product side, India’s imports in May saw a decrease of 29 tb/d or 6% m-o-m to average 427 tb/d, while y-o-y imports increased slightly by 3 tb/d. India’s domestic product sales were up 1.5% in May from the previous month. The drop in monthly product imports came mainly as a result of fewer imported volumes of fuel oil and LPG, which were down by 11 tb/d and 16 tb/d, respectively, while no imports of petrol were registered in May. India’s product exports were up by 67 tb/d or 6% in May to average 1.2 mb/d. The gain in monthly product exports came as a result of higher exported volumes for all products, with the exception of naphtha, which fell by 27 tb/d or 15% from last month. Y-o-y product exports were lower by 129 tb/d or 10%. As a result, India’s net imports declined by 589 tb/d to average 2.7 mb/d, reflecting a drop of 17% m-o-m and 13% y-o-y.

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