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India Oil Trade - October 2017

Source: OPEC 10/19/2017, Location: Asia

India’s crude oil imports rose in August by 188 tb/d, or 5%, from the previous month to average 4.3 mb/d, while falling 164 tb/d, or 4% from a year earlier. Monthly imports rose along with higher throughputs reported in August.

Product imports in August declined by 56 tb/d from the previous month to average 810 tb/d, down by 109 tb/d y-o-y. The drop in monthly product imports came on the back of lower imports of diesel and gasoline, which fell by 73 tb/d and 38 tb/d, respectively.

India’s product exports were higher in August by 63 tb/d, or 5%, to average 1.5 mb/d. On a y-o-y basis, they were lower than last year by 71 tb/d, or 5%. India’s monthly product exports reached their highest level since March 2017. Higher volumes of diesel oil are the main reason behind the rise; figures were up by 151 tb/d from a month before.

Consequently, India’s net imports increased by 69 tb/d to average 3.6 mb/d, reflecting an increase of 2% m-o-m and a drop of 5% y-o-y.

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