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India Oil Trade in December 2014

Source: OPEC 12/11/2014, Location: Asia

In October, India’s crude imports declined by 46 tb/d or 1% from the previous month to average 3.7 mb/d, showing an annual gain of 108 tb/d or 3%. India’s product imports in October dropped by 23 tb/d or 4% m-o-m to average 486 tb/d, while y-o-y they increased by 38 tb/d. At the same time, the country’s product sales were down by 0.99%, the first drop in about 11 months. Lower product imports in October came on the back of lower LPG imports, while imports of petrol increased by 9 tb/d from the previous month.

India’s product exports dropped in October by 15 tb/d or 1% to average 1.5 mb/d. In a y-o-y comparison, product exports were higher from one year ago by 22 tb/d or 1.5%. Monthly product export gains came on the back of higher diesel exports, which increased by 38 tb/d or 6% from the previous month.

Consequentially, India’s net imports declined by 53 tb/d to average 2.7 mb/d, reflecting a drop of 2% m-o-m and a gain of 123 tb/d or 5% y-o-y.

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