July oil imports decline 9% y-o-y

Written by Sanjay Jog | Mumbai | Updated: Sep 18 2009, 03:17am hrs
Indias crude oil imports declined second month in a row in July by about 3,48,000 barrels per day (bpd) or 13% compared with the previous month. Julys crude imports were 4,33,000 bpd lower against the same month last year. Indias crude oil imports during the first seven months of 2009 averaged 2.58 mbpd, almost steady compared with the same period last year, according to Opecs monthly report released on September 15 for the month.

Indias net oil imports in July averaged 2.29 mbpd, displaying a decline of 9% or 217,000 bpd compared with the previous month and 5% compared with the same month last year. Net crude oil imports were lower by 348,000 bpd, while net product imports were up by 1,31,000 bpd. Indias net oil imports for the first seven months of 2009 averaged about 2.35 mbpd, an increase of 3% or 57,000 bpd over the same period in 2008, the report noted.

On the export side, Indias total product exports of 368,000 bpd in July were 78,000 bpd, or 18% lower compared with the previous month and 53% lower as against a year earlier. Fuel oil exports in July averaged 71,000 bpd, up slightly from 69,000 bpd the previous month, but down from 1,38,000 bpd a year ago.

The report, however, said Indias product imports increased in July by 53,000bpd or 22% compared with the previous month to an average of about 0.29 mbpd, a decline of 23% from the same month last year. India resumed its gas oil imports in July, importing about 67,000 bpd compared with zero imports in the previous month and only 10,000 bpd in the same month last year. Gasoline imports were 26,000 bpd in July compared with 7,000 bpd in May and 16,000 bpd in July a year earlier. LPG imports in July averaged about 29,000 bpd, steady compared with the previous month, but down from 56,000 bpd a year ago. India imported an average of 36,000 bpd of naphtha in July, down from 65,000 bpd the previous month and from 102,000 bpd in the same month last year. Fuel oil imports in July averaged 22,000 bpd, steady compared to the previous month, but up from 15,000 bpd a year earlier. Kerosene imports were about 36,000 bpd compared to 20,000 bpd in the previous month and 66,000 bpd a year ago. For the first seven months of 2009, India imported an average of 0.32 mbpd of products, indicating about 138,000 bpd or a 30% decline compared to the same period last year.

According to the report, fuel oil exports in July averaged 71,000 bpd, up slightly from 69,000 bpd the previous month, but down from 1,38,000 bpd a year ago. Jet fuel exports were 38,000 bpd in July, down from 68,000 bpd in the previous month. Gas oil exports in July averaged 70,000 bpd, a decline of 42% from the previous month and 76% lower than a year earlier. Gasoline exports increased to average 74,000 bpd, about 24% higher than in the previous month, but 40% lower compared to a year earlier. Naphtha exports were at 1,07,000 bpd in July compared with 134,000 bpd in the previous month and 2,34,000 bpd a year earlier. For the first seven months of 2009, India exported an average of 0.56 mbpd of products, down by 2,13,000 bpd or 28% compared to the same period the year before.