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Indian Crude Imports Build Post Refinery Maintenance Period

OIL

Indian crude imports increased m/m in November and December shows further strength according to Vortexa as refiners move away from maintenance.

  • Crude imports for December (days 1-10) stand at 4.6mbd while residual fuel imports for the same period have come in at 240kbd Vortexa said.
  • Middle East imports have increased 14% m/m and Russian have decreased 13%.
  • Vortexa tracks VLCC’s laden with Venezuelan oil headed for India - GUSTAVIA S, DESIMI, C. EARNEST and OLYMPIC TROPHY.
  • India’s oil product exports rebounded from low levels seen in October to 1.1mbd in November and 1mbd in December (days 1-10).
  • Preliminary Vortexa data for December (days 1-10) suggests diesel, gasoline and jet/kero exports at 500kbd, 400kbd and 100kbd respectively.
  • In terms of destination, product flows are pivoting away from Europe and towards Asia.

Source: Vortexa

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