India's crude oil imports in September 2023 reached 22.26 million tons, reflecting a 16% increase compared to August. According to government data, this amount also shows a 9% increase compared to the 20.35 million tons imported in September of last year.
Decrease in Petroleum Product Imports
Despite the increase in crude oil imports, petroleum product imports in September decreased by 0.8% compared to August and fell by about 40% compared to September of last year. In this month, petroleum product exports increased by more than 6% compared to last year, reaching 5.22 million tons.
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Analysis of Oil Market Changes
Oil market analysts believe that the increase in India's crude oil imports is primarily due to the return of oil shipments from the Middle East and a decrease in Russian oil volumes. This indicates a normalization of India's crude oil mix, as supply from the Persian Gulf returns to normal. According to Giovanni Staunovo, an analyst at UBS, this trend reflects significant changes in India's oil supply structure.
Russian oil imports to India in September reached about 1.8 million barrels per day, a 13.7% decrease compared to August, which constitutes nearly one-third of India's total oil purchases.
In terms of fuel consumption, India saw a 3.9% increase in September compared to August, reaching 19.26 million tons. Additionally, LPG imports in this month rose to 1.40 million tons from 1.30 million tons in August. In contrast, fuel oil imports sharply decreased to 0.01 million tons in September, while this amount was 0.69 million tons in September of last year.
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