India's crude oil imports up 3% on month in Jan-24, net petroleum products exports ease marginally

Organization of Petroleum Exporting Countries or OPEC stated in a latest monthly report that India's crude imports began the year averaging 4.9 mb/d. This represents an increase of 154 tb/d, or over 3%, m-o-m, but a decline of 159 tb/d, or about 3%, y-o-y. OPEC noted that in terms of crude imports by source, Kpler data shows Russia had a 33% share of India's total crude imports in January, down from 38% in the previous month. Iraq was second with 21%, followed by Saudi Arabia with 14%. For products, imports remained generally unchanged, m-o-m, averaging 1.2 mb/d. Declines in LPG and naphtha were broadly offset by higher inflows of fuel oil and other fuels. Y-o-y, product imports were up by 116 tb/d, or 10%. Product exports fell in January, dropping 73 tb/d, or 5%, m-o-m, but still averaging 1.4 mb/d due to rounding. Lower exports of products in the other category, along with declines in gasoline and fuel oil, drove the decrease, offset by a jump in diesel outflows. Y-o-y, product exports were up by 166 tb/d, or almost 14%. Net product exports from India eased in January, averaging 123 tb/d, compared with net exports of 195 tb/d the month before and net exports of 73 tb/d in January 2024.

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