In October 2023, India witnessed 12.6% surge in the export of petroleum products compared to the same month the previous year. However, there was a slight 0.8% decline in exports during the April to October period, as reported by the Petroleum Planning and Analysis Cell (PPAC).
The increase in exports occurred despite a slight reduction in the overseas sales of high-speed diesel (HSD) and naphtha, indicating a shift in the export pattern for these commodities. Simultaneously, the country witnessed a 12.1% rise in imports of petroleum products in October. This was primarily driven by an uptick in the intake of petcoke, bitumen, and fuel oil. Notably, LPG and lubricants constituted 41.6% of total petroleum product imports from April to October 2023, highlighting their significant share in the country’s energy imports.
Crude oil imports experienced a modest increase of 2.2% in October and 0.6% for the seven months leading up to October, compared to the corresponding periods in the previous year. A noteworthy aspect was the decline in crude imports from OPEC countries, which decreased from 63.6% to 47.8% of the total during April-October 2023. This shift reflects a diversification in India’s crude supply sources.
In terms of indigenous crude oil production, October recorded a stable output of 2.5 million metric tonnes (MMT), with contributions from both public sector companies and private players. The total crude oil processed in October slightly increased from the previous year, indicating a consistent demand for refined products. As reported by ETEnergyworld.com, the PPAC’s data underscores that domestic crude oil production remained steady, and the marginal increase in processing for October suggests resilient demand for fuel in the nation’s refining sector.
