New Delhi: India’s export of petroleum products fell to a 15-month low in January. Data released by data intelligence firm Kpler revealed this. As per data, India’s export of petroleum products was at 1.02 million barrels a day in January. The rising tensions over the Red Sea is the cause of this low exports..
January export volumes were the lowest since October 2022, when the country’s export of refined oil products stood at around 887,000 barrels a day.
India’s shipments to Europe declined in January as many tankers had opted for the longer route via the Cape of Good Hope for the delivery, resulting in higher shipping costs. The country’s export of petroleum products to Europe had dropped to just 100,000 barrel a day from 350,000-400,000 barrel a day in November and December.
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‘To take just one specific example, the route from Jamnagar to Rotterdam takes 24 days via the Suez Canal and 42 days via the Cape of Good Hope,’ Viktor Katona, lead crude analyst at Kpler said.
The United Arab Emirates, Netherlands, and Malaysia were among the top buyers of Indian petroleum products in January including diesel, jet fuel, gasoline, and naphtha among others. While UAE imported 103,690 barrels a day of refined fuels from India last month, Netherlands imported 75,411 barrels a day. Indian exports to Malaysia stood at 64,098 barrels a day.
India exports a variety of goods via the Red Sea including petroleum products. The country’s export of petroleum products fell by 17.6% in December last year to $6.88 billion compared to $8.35 billion in December 2022. The exports were 15.6% down during the first nine months of the current fiscal at $62.07 billion.
The country’s demand for petroleum products including jet fuel, diesel, LPG among others is likely to grow to 239 million tonne in the financial year 2024-25. The country’s consumption of petroleum products stood at 233 million tonne last year.
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