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India Oil Trade in October 2011

Source: OPEC 11/30/2011, Location: Asia

India’s crude oil imports decreased 235 tb/d, or 7.0%, in September standing at 3.12 mb/d due to maintenance work in September at some refineries. In the first eight months of 2011, imports were 3.38 mb/d, which is 215 tb/d, or 6.8%, higher than the same period during the previous year. Product imports declined for four months in a row in September by 6.3% m-o m, or 18 tb/d, to an average of around 268 tb/d. The only exception was the increase of LPG imports in September to 109.38 tb/d from 84.20 tb/d in August. However, India’s product imports remained above 250 tb/d, the lowest level since May 2011. September’s product imports were 17.4% y-o-y. Gasoline and Fuel Oil were the main contributors to the decrease with a drop of around 62.4% and 31.1%, respectively, each declining from August levels of 26 tb/d and 521.7 tb/d to September levels of 9.94 tb/d and 14.92 tb/d.

India’s product imports in the first nine months of 2011 were at 327 tb/d, which represent a decline of 2%, or 7 tb/d, steady compared with the same period of 2010. On the export side, products decreased by 40 tb/d, or 3.0%, compared to the month before standing at 1.28 mb/d. On a y-o-y basis, product exports increased 6.8% in September 2011. As a result, India’s net oil imports decreased 214 tb/d, or 9.2%, to average 2.10 mb/d but remained above this year’s lowest level in May of 2.096 mb/d.

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