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India Oil Trade in March 2013

Source: OPEC 4/22/2013, Location: Asia

In February, India crude imports averaged 3.6 mb/d, which is 553 tb/d or 13% lower than last month, marking the lowest crude imports since August 2012. On an annual basis, the decline is equal to 21 tb/d or 0.6%. On the other hand, product imports saw an increase by 31 tb/d or 13% from a month ago to average 272 tb/d, reflecting a drop of 43 tb/d or 14% y-o-y. The monthly increase in product imports came mainly as a result of increased imports of fuel oil and LPG as both increased by 48% and 11%, respectively. February’s decrease in oil product sales from a year earlier is mainly due to power supply improvements in the country and the announced cut of subsidies.

India’s product exports declined slightly in February by 5 tb/d from the previous month to average 14 mb/d, while a year earlier, they saw a volume increase by 261 tb/d or 23%. Monthly exports of diesel, fuel oil and petrol dropped by 42%, 18% and10%, respectively, from previous month.

Consequentially, India’s net imports declined by 517 tb/d to average 2.4 mb/d, 17% lower than in January and 12% lower than in February 2012.

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