Petroleum product exports slip 12% in Nov

INDIA'S EXPORTS OF petroleum products in November declined by 12% year-on-year to 1.29 million barrels per day, driven by a significant fall in the supply to Europe, according to data provided by energy cargo tracking firm Vortexa. The decline was 3% compared to the previous month.

- ARUNIMA BHARADWAJ

India had exported 1.33 million barrels per day (mbpd) of petroleum products in October this year and 1.47 mbpd in November last year.

Asia remained the top destination for India's exports with a month-on-month increase of 28%, while supplies to Europe declined by 62% to 87,764 barrels per day, the lowest in two years, as the diesel arbitrage between the East and the West narrowed, according to Vortexa.

India exported 510,572 barrels per day of petroleum products to Asia last month, up from 399,318 barrels per day in October.

"The top destinations for India's product exports are the UAE, Singapore, US, South Korea and Australia," said Xavier Tang, market analyst at Vortexa.