India's Crude Imports at 4.5 mb/d, Product Exports Rise 30% in Sept

14 Nov 2024 CW Team

On a global scale, OPEC reported an increase in crude oil prices, with the OPEC Reference Basket (ORB) rising by 1.2 per cent to $74.45 per barrel in October. Benchmark crude prices also saw gains, with ICE Brent averaging $75.38 per barrel and NYMEX WTI averaging $71.56 per barrel, reflecting respective month-on-month increases of 3.4 per cent and 3.2 per cent. The report noted on-going volatility in oil futures, coupled with a slight flattening in the forward curves amid persistent geopolitical uncertainties.

The global economic outlook had only slight adjustments. India’s GDP growth forecast for 2024 remained steady at 6.8 per cent, with a forecast of 6.3 per cent for 2025. Meanwhile, global oil demand growth for 2024 was slightly revised down by 107,000 barrels per day (b/d), now projected at 1.8 mb/d. Demand growth in the OECD region was expected to be around 0.2 mb/d, with non-OECD demand growth projected at nearly 1.7 mb/d. For 2025, the demand forecast stood at 1.5 mb/d, reflecting a slight downward revision.

India’s steady demand for crude imports was consistent with OPEC’s findings regarding global oil demand and supply adjustments. OPEC reported a 0.21 mb/d increase in crude production by countries in the Declaration of Cooperation (DoC), bringing their production to 40.34 mb/d in October. The supply of non-DoC liquids, mainly from the US and Canada, was projected to rise by 1.2 mb/d in 2024.

The report also highlighted tightening refining margins in October, due to seasonal output constraints and increased fuel oil demand, particularly in the Atlantic Basin and Asia. This led to strengthened margins, especially for gasoil and jet fuel, which were the main margin drivers during the month. In the tanker market, shipping rates increased across various routes, including a 6 per cent rise in VLCC rates on the Middle East-to-East route and a substantial 81 per cent rise in Aframax rates on the Caribbean-to-US East Coast route.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

India’s crude oil imports averaged 4.5 million barrels per day (mb/d) in September, maintaining a position at the higher end of its five-year seasonal range, as per the latest OPEC Monthly Oil Market Report for November 2024. The data indicated a 30% month-on-month increase in India’s product exports, primarily driven by higher diesel outflows, which signalled robust demand for refined products from Indian refineries. On a global scale, OPEC reported an increase in crude oil prices, with the OPEC Reference Basket (ORB) rising by 1.2 per cent to $74.45 per barrel in October. Benchmark crude prices also saw gains, with ICE Brent averaging $75.38 per barrel and NYMEX WTI averaging $71.56 per barrel, reflecting respective month-on-month increases of 3.4 per cent and 3.2 per cent. The report noted on-going volatility in oil futures, coupled with a slight flattening in the forward curves amid persistent geopolitical uncertainties. The global economic outlook had only slight adjustments. India’s GDP growth forecast for 2024 remained steady at 6.8 per cent, with a forecast of 6.3 per cent for 2025. Meanwhile, global oil demand growth for 2024 was slightly revised down by 107,000 barrels per day (b/d), now projected at 1.8 mb/d. Demand growth in the OECD region was expected to be around 0.2 mb/d, with non-OECD demand growth projected at nearly 1.7 mb/d. For 2025, the demand forecast stood at 1.5 mb/d, reflecting a slight downward revision. India’s steady demand for crude imports was consistent with OPEC’s findings regarding global oil demand and supply adjustments. OPEC reported a 0.21 mb/d increase in crude production by countries in the Declaration of Cooperation (DoC), bringing their production to 40.34 mb/d in October. The supply of non-DoC liquids, mainly from the US and Canada, was projected to rise by 1.2 mb/d in 2024. The report also highlighted tightening refining margins in October, due to seasonal output constraints and increased fuel oil demand, particularly in the Atlantic Basin and Asia. This led to strengthened margins, especially for gasoil and jet fuel, which were the main margin drivers during the month. In the tanker market, shipping rates increased across various routes, including a 6 per cent rise in VLCC rates on the Middle East-to-East route and a substantial 81 per cent rise in Aframax rates on the Caribbean-to-US East Coast route.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Infrastructure Transport

06 Jul 2026

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Infrastructure Transport

06 Jul 2026

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..