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India’s petroleum product exports dip to 6-month low in October

Mumbai: Petroleum product exports from India fell to a six-month low in October. The provisional export data from commodity market analytics and intelligence firm Kpler revealed this.

India’s petroleum product exports in October stood at 1.15 million barrels per day (million bpd). This is the  lowest since April’s 1.04 million bpd., as per Kpler data. October petroleum product exports were down nearly 4% from September levels and around 20% from August volumes.

Also Read: Core sector growth in India touch 4-month low in September 

As per experts, country’s major refineries, particularly Reliance Industries Ltd’s (RIL’s) Jamnagar refinery complex  were announced partial maintenance shutdowns in October. Jamnagar refinery complex   of Reliance is the world’s largest single-location refinery complex with a cumulative crude oil processing capacity of around 1.4 million bpd. RIL’s petroleum product exports in October were less than 800,000 bpd, the lowest in 12 months. Indian Oil Corporation Ltd’s (IOC’s) Paradip refinery had a complete shutdown for around 10 days in October.

India is the world’s third-largest consumer of crude oil and depends on oil imports to meet over 85% of its domestic demand. However, with its refining capacity of around 254 million tonnes per annum (mtpa), or around 5 million bpd, being lower than its domestic demand, the country is a net exporter of petroleum products.

 

 

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