India’s clean oil product exports fall to five-month low

Oil

India’s clean oil product exports declined by 260K b/d m-o-m to 1.17M b/d in January, falling to the lowest level since August 2021 after previously reaching a two year-high in December, according to data from the Petroleum Planning and Analysis Cell (PPAC). Despite this decline shipments remain up by 120K b/d y-o-y. Loadings of diesel fell by 120K b/d m-o-m to a six-month low of 610K b/d, while gasoline exports also declined by 80K b/d m-o-m to 290K b/d. India’s crude oil imports fell by 130K b/d m-o-m to 4.55M b/d, whereas refinery throughput rose by 50K b/d m-o-m to 5.13M b/d.