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Oil Trade

OPEC Monthly Oil Market Report – November 2017

71

India

In September, India’s

crude imports

dropped from a month earlier by a slight 22 tb/d, to average 4.3 mb/d.

Y-o-y, crude imports reflect a drop of 57 tb/d, or 2%. India’s refining throughput remained flat during the

same time.

Product imports

in September declined by 78 tb/d from the previous month, to average 761 tb/d, the lowest

level since June 2017, and decreased by 69 tb/d y-o-y. Monthly product imports were mainly lower in LPG,

which dropped by 77 tb/d, or 18%, from a month ago.

Graph 8 - 7: India’s imports of crude and

petroleum products

Graph 8 - 8: India’s exports of crude and

petroleum products

India’s

product exports

were up in September by 146 tb/d, or 10%, to average 1.6 mb/d. On a y-o-y basis,

product exports increased by 32 tb/d, or 2%.

India’s

product exports

were higher in all most all product categories in September, mainly diesel and

gasoline, which increased by 81 tb/d and 35 tb/d from the previous month.

Consequentially,

India’s net imports

declined by 247 tb/d, or 7%, m-o-m to average 3.4 mb/d in

September,

and dropped by 158 tb/d, or 5%, y-o-y.

Table 8 - 4: India’s crude and product net imports, tb/d

0

1,000

2,000

3,000

4,000

5,000

0

200

400

600

800

1000

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

Sep 17

tb/d

tb/d

Fuel oil

Gasoil

Kerosene

Gasoline

Naphtha

LPG

Others

Crude (RHS)

Sources: Petroleum Planning & Analysis Cell of India and OPEC

Secretariat.

0

300

600

900

1,200

1,500

1,800

0

300

600

900

1,200

1,500

1,800

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

Sep 17

tb/d

tb/d

Others

Naphtha

Gasoline

Jet Fuel

Gasoil

Fuel Oil

Sources: Petroleum Planning & Analysis Cell of India and OPEC

Secretariat.

Change

Jul 17

Aug 17

Sep 17 Sep 17/Aug 17

Crude oil

4,090

4,299

4,277

-22

Total products

-475

-606

-831

-225

Total crude and products

3,615

3,694

3,446

-247

Note: India data table does not include information for crude import and product export by Reliance Industries.

Sources: Petroleum Planning & Analysis Cell of India and OPEC Secretariat.