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India Oil Trade in October 2014

Source: OPEC 10/19/2014, Location: Asia

Indian crude imports increased in August by 348 tb/d or 10% over the previous month to average 3.7 mb/d, though still reflecting an annual drop of 416 tb/d or 10%. While product imports in August dropped by 71 tb/d from the previous month to average 441 tb/d, they increased y-o-y by 40 tb/d. Monthly imports of LPG and naphtha were lower, while imports of fuel oil remained at the same level as the previous month. At the same time, India’s domestic product sales rose by only 0.9%, the lowest increase in five months. Sufficient monsoon rains and an improved power supply reduced the need for products in the country.

India’s product exports, however, were up in August by 134 tb/d or 11% to average 1.3 mb/d. In a y-o-y comparison, product exports were lower than a year earlier by 249 tb/d or 15%. India’s monthly product exports were higher in all areas except kerosene, which remained stable from the previous month. Consequentially, India’s net imports increased by 143 tb/d to average 2.8 mb/d, reflecting an increase of 5% m-o-m, but a drop of 4% y-o-y.

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