In September, India’s crude imports dropped from a month earlier by a slight 22 tb/d, to average 4.3 mb/d. Y-o-y, crude imports reflect a drop of 57 tb/d, or 2%. India’s refining throughput remained flat during the same time.
Product imports in September declined by 78 tb/d from the previous month, to average 761 tb/d, the lowest level since June 2017, and decreased by 69 tb/d y-o-y. Monthly product imports were mainly lower in LPG, which dropped by 77 tb/d, or 18%, from a month ago.
India’s product exports were up in September by 146 tb/d, or 10%, to average 1.6 mb/d. On a y-o-y basis, product exports increased by 32 tb/d, or 2%.
India’s product exports were higher in all most all product categories in September, mainly diesel and gasoline, which increased by 81 tb/d and 35 tb/d from the previous month.
Consequentially, India’s net imports declined by 247 tb/d, or 7%, m-o-m to average 3.4 mb/d in September, and dropped by 158 tb/d, or 5%, y-o-y.