Crude Report
India crude oil import bill rises 19% on year to $38 bln in Apr-Jun
This story was originally published at 18:19 IST on 18 July 2024
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NEW DELHI – India's crude oil import bill rose 19% on year to $37.5 bln in the first three months of the current financial year started April, the petroleum and natural gas ministry said in its monthly report. In volume terms, the country's crude oil imports were 3% higher at 62.0 mln tn in Apr-Jun, it said.
Though India imported less crude oil in June in volume terms, the import bill rose 11% on year to $11.1 bln due to a rise in crude oil prices. Imports in June fell to 18.5 mln tn from 19.6 mln tn a year ago, the data showed. India is the third-largest crude oil importer in the world, behind the US and China.
Brent crude oil prices on the Intercontinental Exchange averaged $85 per barrel in June, sharply higher than $75.4 a bbl during the same month last year. The Indian crude price basket averaged $82.55 per bbl in June, compared with $74.93 per bbl a year ago.
Domestic crude oil production in Apr-Jun remained unchanged from a year ago at 7.3 mln tn, while consumption of petroleum products rose 3.4% on year to 60.9 mln tn, the data showed. The output of petroleum products rose nearly 2% on year to 70.7 mln tn during the same period.
Imports of gross petroleum products, including crude oil and petroleum products, rose 3.6% on year to 73.9 mln tn in Apr-Jun. The value of gross imports rose 17.8% to $43.1 bln, the data showed.
India's export of petroleum products rose 3% on year to 15.1 mln tn during the June quarter, while the value of exports rose 8.7% on year to $11.2 bln. The value of imports of liquefied natural gas fell to $3.2 bln in Apr-Jun from $3.4 bln in the same period last year. In terms of volume, imports increased slightly to 7,796 bcm during the June quarter, the data showed.
Earlier this month, Informist reported, quoting Vortexa data, that India exported 1.2 mln bbl per day of petroleum products in June. The top destinations for India's petroleum products exports are Southeast Asia, West Asia, and northwestern Europe. The country exported a total of 208,000 bpd of oil products to Southeast Asia and 156,000 bpd to the West Asian region, according to Vortexa. Northwest Europe imported 88,000 bpd of crude oil products from India last month. End
US$1 = 83.65 rupees
Reported by Sayantan Sarkar
Edited by Saji George Titus
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