Petroleum export earnings decline as crude prices fall
Mint Mumbai|November 29, 2023
India, having expanded the export markets for refined petroleum products, saw a steep fall in earnings from petroleum shipments in the April-October period this year due to declining crude oil prices, global economic slowdown, a rise in domestic consumption, and shrinking discounts on Russian oil.
Rhik Kundu

According to data from the government’s Niryat portal, the export value of petroleum products stood at $45.56 billion in April-October 2023, down 17.84% from $55.45 billion in the year-ago period.

Petroleum exports to South America, Africa, South Asia, West Asia-North Africa (WANA) and South-east Asia saw a decline in value terms.

However, earnings from exports to Europe, North America and CIS rose.

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