India Oil Trade - December 2015

Source: OPEC 12/30/2015, Location: Asia

India’s crude imports declined in October by 176 tb/d, or 5%, from a month ago to average 3.7 mb/d. Crude imports showed an annual drop of 147 tb/d, or 4%. India’s product imports increased by 30 tb/d, or 5%, m-o-m to average 647 tb/d, while increasing y-o-y by 209 tb/d. Higher product imports came on the back of higher imported volumes of gasoline and LPG, which increased by 25 tb/d and 11 tb/d, respectively.

India’s product exports dropped in October by 239 tb/d or 18% to average 1.1 mb/d, the lowest level since April 2015. Y-o-y, product exports showed a higher drop, declining by 389 tb/d. A monthly product export drop came on the back of lower diesel, naphtha and fuel oil exports, which declined by 98 tb/d, 60 tb/d and 35 tb/d, respectively, from the previous month.

Consequentially, India’s net imports increased by 93 tb/d to average 3.2 mb/d, reflecting a gain of 3% m-o-m and a 451 tb/d or 16% gain y-o-y.

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