India’s base oil imports fall in November 2024

Spanish Market: Oil products
03/02/25

India's base oil imports fell to 202,580t in November 2024, down by 5.4pc from a year earlier, data from GTT show.

Imports in November decreased for the second consecutive month from September 2024. But import volumes in January-November 2024 were 19pc higher compared with a year earlier.
Production at domestic refineries increased in November as plants were restarted after maintenance.
The demand for finished lubricants was weaker than expected after the Diwali festival, which took place on 31 October 2024. This could be because of a slowdown in India's economic growth. India's GDP is estimated to grow by 6.4pc in the April 2024-March 2025 financial year, down from 8.2pc a year earlier, government data show.
Base oil imports from South Korea fell by 28pc on the year in November but rose by 35pc on a year-to-date basis.
Imports from the UAE increased significantly on the year in November. The UAE mainly produces premium-grade base oils.

By Chng Li Li

India base oils imports					(t)
	Nov-24	m-o-m ± %	y-o-y ± %	Jan-Nov 24	y-o-y ± %

South Korea	91,872	18.0	-28.2	1,067,245	35.0
UAE	27,830	43.3	61.5	248,980	24.1
Saudi Arabia	21,675	-24.0	9.5	225,649	-11.4
Singapore	18,138	-51.9	-6.2	357,943	21.5
Taiwan	13,005	-41.9	NA	101,656	18.2
Total	202,580	-5.5	-5.4	2,511,889	18.5
*Total includes all countries, not just those listed					Source: GTT

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