In November, India’s oil product exports and crude imports both rose.
According to preliminary data from Vortexa, last month’s product shipment hit 1.41 million bpd compared to 1.36 million bpd in October. Around 66% of the total oil product exports were from Sikka on India's west coast.
Exports of clean petroleum products jumped to 1.4 million bpd in November from 1.32 million bpd in October. On the contrary, the shipments of dirty petroleum products dipped to 13,400 bpd from 45,900 bpd.
Diesel and gasoil exports led the figure at 650,000 bpd compared to the previous month’s 636,000 bpd. Last month’s diesel demand grew by 7% to 1.43 million bpd, way below the 16% monthly rise in October.
Fuel demand dropped by 14% in November compared to the pre-pandemic level in November 2019. Still, the average driving activity across India was 118% higher than the baseline of 13 January 2020 and also up from October’s 92%.
Exports of gasoline climbed to 248,000 bpd from the previous month’s 188,000 bpd even when demand rose by 5% on the month and by 4% compared to November 2 years ago on the back of the increasing preference for personal vehicles over public transport.
For jet fuel, India’s exports expanded to 137,000 bpd from 110,000 bpd in the previous month despite an increase in domestic air traffic, airlines being allowed to operate at max capacity, and lower fob Singapore prices.
November jet fuel consumption climbed by 12% on a monthly basis and 29% year-on-year.
India’s imports of crude oil inched up as state-run refiners were operating at higher capacity on expectations of higher demand.
In November, imports of crude and condensate jumped to 4.08 million bpd from 3.96 million bpd in the previous month. 84% of those originated from the Middle East, which rose to 2.83 million bpd from the previous month’s 2.48 million bpd.
The most imported crude grade last month was Iraqi Basrah Heavy at 639,000 bpd, up from 498,000 bpd in October. Imports of Saudi Arabia's Arab Extra Light were 444,000 bpd, down from 491,000 bpd.
From the Americas, ship-ins dropped to 696,000 bpd from 735,000 bpd in October.
