India’s refinery throughput stays firm with strong recovery in sight – Times of India

NEW DELHI: Indian refiners’ crude oil throughput rose in January, holding close to 21-month highs reached in November, with gas demand and refinery runs anticipated to develop additional on the again of a powerful financial restoration.
Crude oil throughput in January was nonetheless down 0.5% year-on-year to five.13 million barrels per day (21.71 million tonnes), authorities information confirmed on Wednesday.
Throughput in January was 1% larger from December ranges and holding close to November’s 5.25 million bpd.
“It exhibits continued restoration,” mentioned Refinitiv analyst Ehsan Ul Haq, including that though excessive oil costs are a drag, the top of Covid-19 restrictions bode effectively for demand and crude throughputs.
Preliminary authorities estimates present that India’s gas demand is prone to develop 5.5% within the subsequent fiscal yr starting April 1, reflecting a pick-up in industrial exercise and mobility in Asia’s third largest economic system.
Gasoil and gasoline gross sales additionally rebounded within the first fortnight of February from the earlier month in India as states lifted many of the COVID-induced restrictions.
Indian refiners operated at a mean charge of 102.6% versus 101.2% in December, the federal government information confirmed.
Prime refiner Indian Oil Corp (IOC) final month operated its directly-owned vegetation at 98.2% capability. Reliance, proprietor of the world’s greatest refining complicated, operated its vegetation at 91.1% capability in January.
Processing was additionally impacted by unit shutdowns at some refineries, as per the month-to-month manufacturing report launched by the Ministry of Petroleum & Pure Gasoline.
Crude oil manufacturing fell about 2.3% to round 593,000 barrels per day (2.51 million tonnes) year-on-year, the information confirmed, whereas pure fuel output jumped 12.2% to 2.86 billion cubic metres year-on-year.
“Regardless of emphasis by the Indian authorities to spice up output, India stays depending on imports, which is prone to improve within the long-run resulting from rising demand,” Ul Haq added.

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