India oil data – Feb 2017

Published at 15:37 20 Mar 2017 by

Indian oil demand recovered in February, rising by 31 thousand b/d y/y (largely due to a very high base) to a record 4.43 mb/d, as the negative effects of demonetisation faded. LPG led demand growth, rising by 52 thousand b/d to yet another record of 0.76 mb/d, supported by persistently cold temperatures. Gasoline demand also rose, higher y/y by 37 thousand b/d to 0.58 mb/d, the highest monthly reading since October 2016. Vehicle sales continued to expand in February, with passenger vehicle sales up by 9% and commercial vehicle sales up by 7.3% y/y. Diesel demand continued to fall y/y in February, although declines slowed to just 8 thousand b/d y/y, taking demand to 1.66 mb/d due to support from a slight recovery in construction activity. Cement production, closely aligned to construction activity, is slowly recovering, rising for two consecutive months on the latest data for January. Naphtha demand rose to its highest level since May 2015 at 0.36 mb/d in February, higher y/y by 27 thousand b/d. Jet/kero demand fell y/y for a fifth consecutive month, down by 28 thousand b/d to 0.26 mb/d as rising residential LPG connections continue to displace domestic demand for kerosene. Finally, fuel oil demand slipped by 9 thousand b/d y/y to 0.12 mb/d.

Refinery runs were unchanged m/m at 4.99 mb/d, higher y/y by 60 thousand b/d as declines in throughput at both Manali (-79 thousand b/d m/m) and BPCL Mumbai (-28 thousand b/d) were offset by record runs at Kochi (+38 thousand b/d m/m). The upcoming Bharat IV spec change in April is capping runs in the near term and could lead to higher imports of 50 ppm material during the initial adjustment period. Crude imports were flat y/y at 4.27 mb/d, and Reliance lifted more Brazilian heavy crudes—Roncador and Peregrino. Crude stocks were flat.

Log in to download

Other Data review publications

US demand and trade – Feb 2017

Published 1 day ago

2017-04 Oil - Data review - US demand and trade – Feb 2017 cover

US oil demand fell by 0.49 mb/d y/y to 19.19 mb/d in February—the first annual decline since July..

Read more

US oil and shale output – Feb 2017

Published 1 day ago

2017-04 Oil - Data review - US oil and shale output – Feb 2017 cover

US liquids production rose to 13.74 mb/d in February, higher y/y for the first time since January..

Read more

Japan oil data – Mar 2017

Published 2 days ago

2017-04 Oil - Data review - Japan oil data – Mar 2017 cover

Even with HDDs higher y/y by 13%, and by 9% versus the five-year norm, Japanese oil demand declin..

Read more

UK oil data – Feb / Mar 2017

Published 2 days ago

2017-04 Oil - Data review - UK oil data – Feb / Mar 2017 cover

UK liquids production fell m/m to 1.02 mb/d in March but was higher y/y by 36 thousand b/d, while..

Read more

US Department of Energy

Published 3 days ago

2017-04 Oil - Data review - US Department of Energy cover

Extract from crude oil: Crude stocks fell by 3.6 mb w/w to 529 mb, even after absorbing another..

Read more