Europe is emerging as the top buyer for India's petroleum products

 

Europe is emerging as the top buyer for India's petroleum products

Petroleum products are the most traded items of India. India stands 3rd on the list of world's leading petroleum exporters whereas 12th biggest exporter globally. India's petroleum products exports have risen significantly during fiscal year 2023. According to India import export data reports, the country's mineral oil exports were recorded to be $90 billion last year. 

In 2023, Bhutan, Nepal, United Arab Emirates, Netherlands, United States, Singapore, Togo, and Brazil were the prominent markets for mineral fuels export markets to India. India export data suggests the Netherlands was the top mineral fuel importer from India with imports worth over $9.5 billion in 2023. 


Also, there was a notable increase in the exports to the European market. The Netherlands, United Kingdom, Romania, France and Spain have emerged as the top markets for India's mineral fuels and oils exports. Bharat Petroleum, Indian Oil Corporation, Reliance Industries and Hindustan Petroleum were the leading petroleum products export companies from India responsible for a significant amount of exports last year.


This year also, India's petroleum exports are growing at an express rate. According to India customs data, around $818 million worth of exports was recorded in January, whereas it rose to 1.01 billion during February and March 2024. In 2024, India's petroleum exports were over to almost 115+ countries. 


Shipment wise, India’s mineral fuels, oils exports shipments during January were 15,298, 15,743 in February and 17,093 in March 2024. In 2024, the biggest markets for India's petroleum exports were Nepal, United Arab Emirates, Bangladesh, South Africa and South Korea. The fastest growing markets for India's mineral fuels and oils exports were the Netherlands, Singapore, China, Australia and Argentina.


2024 marked the advent of India’s mineral fuels and oil exports to the European market. The Netherlands ($61 million), Spain ($873 K), Italy ($791 K), Belgium ($236 K) and the United Kingdom ($209 million) were the biggest petroleum products importers from India. 


On the other hand, during March 2024, the total petroleum oil imports of India were record $9.9 billion. These imports mostly came from Russia (22%), Iraq (12%), United Arab Emirates (11%), Saudi Arabia (10%) and Singapore (6.8%). Russia was the top mineral oils supplier to India during March with exports worth around $2.2 billion. 


According to India import data, India’s petroleum imports were estimated to be $221 billion in 2023. Iraq, Russia, Saudi Arabia, Australia and the United States were the leading mineral oils exporters to India. Marion Commodity from Russia, Saudi Arabian Oil Company, SOMO from Iraq and Adnoc Global Trading from the United States were the top mineral oil export companies to India.


India’s mineral oils market is fast approaching across the European country. By reaching out to the genuine international crude oil buyers could yield more revenue towards trading companies. Through the assistance offered by the global import export data providers, Indian oil companies can further diversify their exports by reaching out to genuine buyers, evolving strategic decision making regarding price, shipping volumes, risks, and opportunities. A data driven market analysis could keep companies ahead of their competitors and excel their business.

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