In May, India’s crude imports averaged 4.1 mb/d, which is 350 tb/d or 9% higher than last month’s level and marks the highest crude imports seen since January 2015. On an annual basis, there was a greater increase, higher by 611 tb/d or 17%.
Similarly, product imports saw an increase of 50 tb/d or 9% over a month ago to average 592 tb/d, while y-o-y, there was a gain of 127 tb/d or 27%. The monthly increase in product imports came mainly as a result of increased imports of LPG, which rose by 43 tb/d. Oil product sales rose by 2.85% in May from a year earlier.
India’s product exports increased by 165 tb/d or 17% in May from the previous month to average 1.1 mb/d, while on an annual basis, they dropped by 165 tb/d or 13%.
Monthly exports of naphtha were lower in May, dropping by 29 tb/d from the previous month, while, on the other hand, all other product exports were higher in May from a month before. Exports of fuel oil, diesel and petrol were up by 33%, 6% and 38%, respectively, from the previous month.
Consequentially, India’s net imports rose by 236 tb/d to average 3.6 m/d.