Indian refiners operated at a median price of 101.2% in December, down from 104.6% in November however up from 99.1% in the identical month final 12 months, the info confirmed.
see imagesRefineries can function at larger than their regular capability by means of technological modifications.
Indian refiners’ crude inflows eased barely in December as unit shutdowns at some refineries and the fast unfold of the Omicron model of the coronavirus impacted the gas demand outlook.
Crude oil inflows in December fell 3% from the earlier month to five.08 million barrels per day (21.48 million tonnes), however had been up 2.2% on an annualized foundation, provisional authorities information confirmed on Wednesday.
Indian refiners operated at a median price of 101.2% in December, down from 104.6% in November however up from 99.1% in the identical month final 12 months, the info confirmed.
Refineries can function at larger than their regular capability by means of technological modifications.
Top refiner Indian Oil Corp (IOC) final month operated its instantly owned crops at 99.74% capability. Reliance, the proprietor of the world’s largest refining advanced, operated its crops at 95.46% capability in December.
The International Energy Agency (IEA) mentioned on Wednesday that in 2021, refinery throughput achieved almost half of the 620,000 barrels per day loss in 2020, however demand for refined merchandise grew by solely a 3rd.
“In 2022, demand is expected to slightly exceed 2019’s pre-pandemic peak, with the refinery also moving back to 2019 levels.”
India’s gas consumption hit a nine-month peak in December, information confirmed final week, though a contemporary coronavirus wave might sluggish the gradual restoration of demand on this planet’s third-largest oil client.
Gasoil gross sales, which account for about two-fifths of India’s complete refined gas consumption, declined within the first fortnight of January as rising COVID-19 infections within the nation impacted client spending and truck motion.
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Government information confirmed pure gasoline manufacturing rose greater than 19% year-on-year to 2.896 billion cubic meters, whereas crude oil manufacturing fell almost 2% to about 593,000 barrels per day (2.51 million tons).
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With inputs from NDTV
