Exports of petroleum products decline 2.1% in October

India to cut direct Russian oil imports

- ARUNIMA BHARADWAJ

INDIA’S EXPORT OF petroleum products declined by 2.1% to 1.25 million barrels per day in October from 1.58 mbd in September, as per data from Kpler.On an annual basis, the exports however increased by 2.4% from 1.22 mbd in October 2024.

The UAE, the Netherlands, and Singapore emerged as the top destinations for the country’s refined oil products. Exports to the UAE declined 27% to 132,000 bpd last month, while exports to Netherland increased by as muchas 255% to 156,000 bpd from 44,000 bpd in September. Exports to Singapore also surged 81% to 113,000 bpd last month.

Meanwhile, Nayara Energy’s operations continue to face challenges in its exports due to disruptions caused by international sanctions but operations are seen improving gradually.

Nayara’s Vadinar refinery is currently operating at about 85-90% capacity, down from its usual >100% utilisation (operations are improving). The refinery continues to face challenges in exporting refined products (diesel, gasoline, jet fuel) as its traditional markets and payment channels remain constrained by sanctions; however, the situation is getting better, said Sumit Ritolia, lead research analyst, refining & modeling at Kpler.