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Cheap Russian Crude Fuels Record Indian Run Rates

REFINING

Crude oil run rates by Indian refiners reached record levels in January, provisional government data shows.

  • Refinery throughput at 5.39 million barrels per day (22.80 million tonnes) for January was the highest on records dating back to 2009 (see chart).
  • Overall crude oil imports rose to a six-month high last month, while the country's fuel demand is expected to grow 4.7% in the next fiscal year beginning on April 1 according to government estimates.
  • Indian refineries' capacity utilisation jumped to 106.91% in January this year from 104.39% the previous month.
  • Natural gas output rose close to 4% to 2.97 billion cubic metres year on year, while crude oil production was down 1% year on year to 2.48 million tonnes, the data showed.

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