Mumbai: India’s net oil imports in March averaged 2.28 mb/d, displaying an increase of 3% or 68,000 b/d compared to February and 7% compared to March 2008. The increase in net oil imports is attributed to higher net crude oil imports and lower net product imports. India’s net oil imports for the first quarter of 2009 averaged about 2.19 mb/d, about 35,000 b/d, or 2% higher than for the same period in 2008.
According to Opec’s monthly report for May, India’s crude oil imports increased in March by 295,000 b/d or 12% compared to the previous month, to average about 2.76 mb/d. March’s crude imports were about 2,88,000 b/d higher compared to March 2008. India’s crude oil imports during the first quarter of 2009 averaged 2.57 mb/d, indicating an about 93,000 b/d, or 3.7% increase compared to the same period in 2008.
India’s product imports declined in March by 33,000 b/d or 10% compared to the previous month to average about 0.28 mb/d, a substantial 40% lower compared to March 2008. Higher imports of LPG and kerosene were more than offset by declines in imports of gasoil, naphtha and fuel oil. On the export side, India’s total product exports of 771,000 b/d in March were 195,000 b/d or 34% higher compared to the previous month, but 7% lower compared to a year earlier. Exports of all major products were higher in March without exception. Fuel oil exports in March averaged 82,000 b/d, up from 72,000 b/d the previous month. Jet fuel exports were at 89,000 b/d in March, up from 68,000 b/d a month earlier. Gasoil exports in March averaged 320,000 b/d, 25% higher than the previous month and 7% higher than a year earlier.
The finding of the report are crucial as the petroleum secretary RS Pandey last week said India’s imports of petroleum products including LNG had touched $92 billion against the exports of $26 billion in 2009-09. Besides, the under recoveries of oil marketing companies stood at Rs 1.03 lakh crore.
Gasoil imports in March averaged about 46,000 b/d compared to 53,000 b/d a month earlier and 70,000 b/d in March 2008. Gasoline imports were at 7,000 b/d in March compared to no imports in February and 33,000 b/d in the same month a year ago. LPG imports in March averaged about 63,000 b/d compared to about 51,000 b/d in the previous month and 113,000 b/d in March 2008.
Source : Financialexpress