India’s Petroleum Products Exports Rise 3% Between April-November

India's exports of petroleum products rose by nearly 3% to 42 million tonnes between April and November, compared to 40.9 million tonnes during the same period last fiscal year, according to data from the Petroleum Planning and Analysis Cell. However, November shipments fell by 7%, dropping to 5.3 million tonnes from the previous year, primarily due to a significant decline in supplies to Europe.

In terms of value, India exported $31.2 billion worth of petroleum products in the first eight months of this fiscal year, which marked a slight dip of 1.3% from $31.6 billion in the same period last year.

Meanwhile, imports of refined oil products rose by 6.3%, totaling 33.9 million tonnes, up from 31.9 million tonnes in April-November 2023. The import bill for these products increased by 6.6% to $16.1 billion, compared to the same period last year.

Despite a recovery in crude oil product exports in September, India’s exports are once again showing signs of decline. Analysts are concerned about a potential supply glut in the oil market starting in 2025, with geopolitical uncertainties and weaker demand from major global consumers posing challenges to India's export outlook.

India’s domestic consumption of petroleum products saw a 3.3% increase in the April-November period, rising to 157.5 million tonnes from 152.4 million tonnes in the same period last year, according to the Petroleum Planning and Analysis Cell (PPAC).

The country continues to be a major supplier of petroleum products to Europe and Asia. In December 2022, the European Union imposed a price cap and an embargo on Russian crude oil imports to reduce Russia’s revenue amid the ongoing war in Ukraine. However, the EU’s restrictions did not extend to refined petroleum products derived from Russian crude, allowing these supplies to continue.