India’s petroleum exports plunge amid weak global demand, Red Sea disruptions

New Delhi: Exports of petroleum products took a hit in November, weighed down by sluggish demand in developed economies, a rise in domestic consumption and a significant decline in cheap petroleum imports from Russia.

During the April-to-November period, petroleum product exports amounted to $44.61 billion a sharp drop from $55.02 billion in the same period last year, according to data from the ministry of commerce and industries.

These exports stood at $3.72 billion in November, down from $7.39 billion in the year-ago period.