According to data from energy cargo surveillance company Vortexa, India’s petroleum product exports grew slightly by 1% to 4.9 million barrels per day in the first four months of the current fiscal year 2024–25 from 4.8 million barrels per day in the April–July period of 2023–24.
However, compared to 1.22 million barrels per day in June, the overall export of petroleum products rose by 4% to 1.27 million barrels per day in July. According to data from energy cargo surveillance company Vortexa, India’s petroleum product exports grew slightly by 1% to 4.9 million barrels per day in the first four months of the current fiscal year 2024–25 from 4.8 million barrels per day in the April–July period of 2023–24. However, compared to 1.22 million barrels per day in June, the overall export of petroleum products rose by 4% to 1.27 million barrels per day in July.
Southeast Asia, Europe, and the Middle East were the biggest export markets for the nation in July. Supply to Southeast Asia fell 9% to 254,000 barrels per day from the previous month, while exports to Europe increased by 26% to 266,000 barrels per day. To 191,000 in July, exports to the Middle East rose by 12%.
Asia and Europe are India’s main markets for petroleum products. In recent months, the nation has become a significant petroleum supplier to Europe, after European nations decided to embargo Russian imports following Russia’s invasion of Ukraine.
Asia’s portion of India’s petroleum product exports fell from 22.9% in June to 20% in July. However, Europe’s share rose from 17.3% to 21% in the preceding month. In July, 15% of India’s total export volume came from the Middle East, up from 13.9% in June.
Through the Red Sea, the nation exports a wide range of goods, including petroleum products. But when tensions over the Sea escalated, traffic was diverted away from the Red Sea and around the Cape of Good Hope, which resulted in a ten-day delay on Asia-Europe flights and an increase in gasoline prices, according to the government’s Economic Survey.
From April to June, the nation produced 70.7 million tonnes of petroleum products, up from 69.4 million tonnes during the same time in FY24. In the fiscal year 2024–2025, the nation’s need for petroleum products including LPG, diesel, and jet fuel is anticipated to reach 239 million tons, according to projections made by the Petroleum Planning and Analysis Cell. The nation used 233 million tonnes of petroleum products in the previous year.
