Petroleum product exports to Europe rebound by 10% in June – Industry News

India’s export of petroleum products declined by 5% in June to 1.19 million barrels per day against 1.24 million barrels per day registered in May, data from energy cargo tracking firm Vortexa showed. On an year-on-year basis, exports fell over 8% in June.

While exports to Europe rebounded by almost 10% last month to 194,206 barrels per day, supplies to Asia slumped 16% to 325,479 barrels per day compared to the previous month. Exports to the Middle East declined by 12.6% to 170,038 in June.

“India’s refined product exports to Europe rebounded by nearly 10% month-on-month, although Asia remains the top destination region,” said Serena Huang, head of Asia Pacific analysis at Vortexa. “Asia’s gasoline and diesel supplies have been tightening amidst unplanned refinery maintenance.”

India primarily supplies petroleum products to countries in Europe and Asia. The country has emerged as a major fuel supplier to Europe in the past few months after European countries started boycotting Russian supplies post its invasion of Ukraine.

Even as shipments to Europe rose last month, it is far below the earlier levels of 389,906 barrels per day registered in the same period last year due to healthy supplies from the Middle East.

“Europe, meanwhile, remains well-supplied with regional refineries restarting post maintenance and continues to receive robust supplies from the Middle East,” Huang said.

Asia’s share in Indian petroleum products exports decreased to 27.4% in June against 31.2% in May. Europe’s share, however, increased to 16.3% last month from 14.2% in the previous month but still remains substantially lower than the 29.8% share it held during the same period last year.

The slight reduction in exports of refined oil products comes amid the increasing domestic consumption. The country’s consumption of petroleum products grew by 2.3% to 40.3 million tonnes during the first two months of FY25.

The country produced 47.4 million tonnes of petroleum products during April to May, up from 46.4 million tonnes in the same period of FY24, as per the latest data from the Petroleum Planning and Analysis Cell.

The country’s demand for petroleum products including jet fuel, diesel, LPG among others is likely to grow to 239 million tonnes in the financial year 2024-25, as per estimates by the Petroleum Planning and Analysis Cell. The country’s consumption of petroleum products stood at 233 million tonnes last year.