Petroleum product exports rise 3%

INDIA'S EXPORTS OF petroleum products in December increased by 3.1% to 1.37 million barrels per day against 1.33 million barrels per day in the corresponding period of 2023-24, according to data from energy cargo tracking firm Vortexa.

- ARUNIMA BHARADWAJ

The exports also increased by 4.5% from 1.31 million barrels per day in the previous month.

Africa emerged as the top destination for the country's exports in December, while supplies to the traditional importers – Asia and Europe – declined significantly.

"As the diesel arbitrage from Asia to Europe remains closed, product exports to Europe are lacklustre in December," said Xavier Tang, market analyst at Vortexa.

India exported 349,736 barrels per day of petroleum products to Asia last month, down 33% from 523,052 barrels per day in November. Exports to Europe declined by 7% to 33,121 barrels per day, the lowest in over four years.