India’s crude oil imports in November rose to their highest stage in 10 months as refiners stocked as much as enhance runs in anticipation of strong demand on the planet’s third-largest oil client and importer.
Crude oil imports final month rose 7.5% versus October and had been additionally 0.5% increased than a 12 months in the past at 18.37 million tonnes, knowledge on the web site of the Petroleum Planning and Analysis Cell (PPAC) confirmed on Thursday.
The comparatively excessive imports corresponded with the nation’s crude processing hitting its highest stage since February 2020 throughout the identical month refiners operated at full capability in hopes of a gradual uptick in demand.
“Crude imports have risen as refiners enhance their runs in expectation of upper demand within the fourth quarter,” mentioned Refinitiv analyst Ehsan Ul Haq.
“It stays to be seen if floods within the south of India and Omicron result in slower demand restoration. It additionally relies upon on oil costs. If costs stay at current ranges or fall, demand will proceed to get better,” Haq mentioned.
The share of Middle Eastern oil in India’s total crude imports rebounded to a 16-month excessive in November as refiners shunned expensive Brent-linked lengthy haul grades.
India’s Reliance Industries, proprietor of the world’s greatest refining advanced, imported 6% extra oil in November than a 12 months earlier at about 1.24 million barrels per day (bpd), in line with knowledge from delivery and trade sources.
Meanwhile, India’s gas consumption fell final month after scaling a seven-month peak in October, as demand eased after the festive season. [O/INDIA2]
Oil product imports dropped 26.6% to three.49 million tonnes from a 12 months earlier, whereas exports jumped 26.8%. Of the 5.15 million tonnes of exports in November, diesel accounted for two.78 million tonnes.
Asia’s third-biggest financial system imports and exports refined fuels as it holds surplus refining capability.
(Reporting by Brijesh Patel and Kavya Guduru in BengaluruEditing by Matthew Lewis)
(Only the headline and film of this report might have been reworked by the Business Standard workers; the remainder of the content material is auto-generated from a syndicated feed.)