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India Oil Trade in September 2014

Source: OPEC 10/2/2014, Location: Asia

In July, India’s crude imports declined by 618 tb/d or 16% from previous month to average 3.3 mb/d, with crude imports showing an annual drop of 537 tb/d or 14%. Meanwhile, the country’s July products imports saw an increase of 67 tb/d or 17% m-o-m to average 465 tb/d, while gaining 94 tb/d y-o-y. At the same time, India’s product sales were up by 2.9% in July from the previous month. The increase in monthly product imports came as a result of higher imported volumes of all products, with the exception of fuel oil, which showed a drop from the previous month of 14 tb/d or 54%. Imports of diesel and petrol saw the highest increase in July, rising by 9 tb/d and 22 tb/d, respectively, from the previous month. Too little rain and power outages spurred the need for product in the country.

India’s product exports dropped in July by 105 tb/d or 8% to average 1.1 mb/d. Y-o-y product exports were down from one year earlier by 243 tb/d or 17%. The drop in monthly product exports came on the back of lower exported volumes of diesel and petrol, which fell 23% and 11% from one month earlier, respectively. As a result, India’s net imports declined by 446 tb/d to average 2.6 mb/d, reflecting a drop of 446 tb/d m-o-m and 200 tb/d y-o-y.

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