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CONSUMPTION TRENDS TRADE TRENDS
India’s oil product demand to grow in November 2024, India’s petroleum exports up 12.7% in October;

after October recovery crude imports increase by 4.2%

After recording negative growth dur- during the monsoon season,” Ms. Srivas- Indigenous crude oil and conden- by higher imports of petcoke, liquefi ed
ing August and September 2024, India’s tava added. sate production in October 2024 stood petroleum gas (LPG), and lubricants.
demand for refi ned petroleum products is at 2.3-million metric tonnes (mmt),
expected to appreciate further in November According to S&P Global Commo- marking a 4% decline compared to the Exports on the rise
after staging a recovery in October. dity Insights, India’s oil demand is pro- same period last year, according to data Exports of petroleum products
jected to increase by 4.5 percent y-o-y in from the Petroleum Planning and Ana- increased signifi cantly by 12.7% in
According to ‘S&P Global Commo- November, before slowing to 2 percent in lysis Cell (PPAC). ONGC accounted for October 2024 and by 4.2% during the
dity Insights’, India’s oil product demand December, compared with the previous the largest share of production at April-October FY 2024-25 period com-
reversed a period of negative growth and year. The overall demand growth for Q4 1.6-mmt. Refi nery production accounted for pared to the previous year. The rise in
posted close to 3 percent year-on-year is set to average 3 percent y-o-y. 22.7-mmt, with the remaining 0.3-mmt exports was attributed to higher over-
(y-o-y) growth in October 2024 as the Despite the dip in production, coming from fractionators. The break- seas sales of petcoke/CBFS, fuel oil
monsoon season ended, a trend that is set fuel consumption,” said Ms. Himi Over January-October period, India’s total crude oil processed by Indian down of major petroleum products (FO), motor spirit (MS), and aviation
to continue in November on the back of Srivastava, South Asia oil analyst at S&P oil product demand rose 2.8 percent y-o-y refi neries in October 2024 increased by showed high-speed diesel (HSD) lead- turbine fuel (ATF).
higher vehicle sales during the festival Global Commodity Insights. to 197.51-million tonnes (mt), or 5.1-mil- 4.4% year-on-year to 21.3-mmt. PSU ing at 41%, followed by motor spirit
period and robust demand from the lion barrels per day (mbpd). and joint venture refi ners processed (MS) at 16.8%, naphtha at 6.8%, avi- Year-to-date trends
agricultural sector. Retail vehicle sales increased by 32 14-mmt, while private refi ners pro- ation turbine fuel (ATF) at 6.6%, and For the April-October FY 2024-25
percent y-o-y and 64 percent m-o-m in Demand for diesel and gasoline rose cessed 7.3-mmt. Of the total, 2.1-mmt petcoke at 5.3%. period, crude oil processing showed a
“Oil demand in November is set to October. “Additionally, October and 2 percent y-o-y and 8.4 percent y-o-y dur- was processed using indigenous crude, growth of 1.8% year-on-year, while the
be bolstered further, after strong vehicle November are set to witness heightened ing the 10-month period while LPG and while 19.2-mmt was from imported Crude oil imports rose by 4.2% production of petroleum products saw
sales that we saw during the festive activity in the agricultural sector, along with jet fuel demand grew by 6.8 percent and crude oil. in October 2024 and by 3.5% in the steady growth. PPAC data indicates
periods of Navratri and Diwali in October. a resurgence in construction and mining 9.3 percent, respectively, over the same April-October FY 2024-25 period com- that improved refi nery throughput and
This is expected to enhance transportation activities, which typically slow down period. Petroleum product production and pared to the previous year. Imports of higher exports have partially offset the
imports petroleum products (POL) decreased decline in indigenous crude oil produc-
Petroleum product output in by 2.2% in October 2024 but grew by tion, highlighting India’s growing reli-
COLLABORATION October 2024 reached 23-mmt, a 5.3% 7.7% during April-October FY 2024- ance on imported crude oil to meet its
TotalEnergies to help Oil India reduce methane increase compared to October 2023. 25. This increase was primarily driven energy demands.

emissions at its sites GAIL to supply natural gas to Vedanta Aluminium

France’s TotalEnergies and Oil committed to measuring and publicly technology marks a step change in methane Vedanta Aluminium said it has Vedanta is committed to achieving pipeline to supply approximately
India Ltd. (OIL) have signed an agree- reporting progress. emissions detection and measurement entered into a pact with state-owned net zero emissions by 2050, by imple- 32,000 standard cubic metres of natural
ment to carry out methane emissions compared to traditional techniques. By gas utility GAIL (India) Ltd. for supply menting a dual strategy that includes gas per day, with a fi ve-year contract
detection and measurement campaigns In line with the OGDC’s principle allowing access to hard-to-reach emis- of natural gas to its smelter at Jharsug- increasing renewable energy usage term starting upon pipeline commis-
using TotalEnergies’ ‘AUSEA’ techno- of sharing good practices, TotalEnergies sion points, on all types of industrial faci- uda in Odisha. while also creating carbon sinks through sioning. This cleaner energy alternative
logy at OIL sites in India. makes this technology available to other lities, both offshore and onshore, AUSEA afforestation efforts, it said. is expected to help Vedanta Alumi-
operators among the signatories, to is reputed as one of the most accurate The country’s leading aluminium nium’s commitment to a clean energy
OIL recently joined the Oil and Gas detect, measure and eventually abate technologies in the industry. producer has entered into gas sales “Our partnership with GAIL Gas transition across its operations.
Decarbonisation Charter (OGDC), a methane emissions on their own assets. agreement with GAIL Gas Ltd., a subsi- Ltd. is a testament to our commitment
global industry initiative launched at Commenting on the pact, Dr. Ranjit diary of GAIL (India) Ltd. This transi- to reducing carbon emissions and “This agreement is in line with our
COP28, co-chaired by TotalEnergies’ Mounted on a drone, the AUSEA gas Rath, Chairman & Managing Director tion to natural gas, likely to be opera- embracing cleaner energy solutions,” efforts to reduce carbon emissions and
CEO. The OGDC’s ambition is to work analyser, developed by TotalEnergies and of OIL, said “By joining our peers in the tional by the end of next year, will lower Ms. Priya Agarwal Hebbar, non-Executive enhance our production capabilities,
towards net-zero operations by 2050, its R&D partners, consists of a dual OGDC, OIL reiterates India’s commit- the carbon footprint, reduce emissions Director at Vedanta and Chairperson of contributing to India’s growing demand
as well as near-zero upstream methane sensor capable of detecting methane and ment to the global community, while by an estimated 47,292 tonnes of CO Hindustan Zinc Ltd., said. for aluminium in critical sectors,” said
emissions and zero routine fl aring by carbon dioxide emissions, while at the underscoring OIL’s dedication to reducing equivalent annually, Vedanta Aluminium Mr. Sunil Gupta, Chief Operating
2
2030. Moreover, OGDC members are same time identifying their source. This emissions”. said in a statement. GAIL Gas Ltd. will set up a 7.5-km Offi cer, Vedanta Aluminium.

158 Chemical Weekly December 3, 2024 Chemical Weekly December 3, 2024 159

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