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OIL: Indian Oil Refiners’ December Crude Processing Up 5.2% on Year

OIL
IndiaEnergy BulletsBulletAPACCommodities

Indian refiners’ throughput in December rose 5.2% on the year to 5.64m b/d (23.87m mt), according to government data cited by Reuters.

  • Indian oil refiners have turned to the spot market with tenders this month for non-sanctioned barrels in the face of US sanctions on Russian flows.
  • India’s oil secretary Pankaj Jain last week said India would continue to buy Russian oil if it was priced below the $60/bbl cap set by the Western nations and was sold without the involvement of sanctioned Russian entities and ships.
  • He added that there was no shortage of oil in the market as countries like Guyana, Brazil, Canada, and Suriname were hiking output.
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Indian refiners’ throughput in December rose 5.2% on the year to 5.64m b/d (23.87m mt), according to government data cited by Reuters.

  • Indian oil refiners have turned to the spot market with tenders this month for non-sanctioned barrels in the face of US sanctions on Russian flows.
  • India’s oil secretary Pankaj Jain last week said India would continue to buy Russian oil if it was priced below the $60/bbl cap set by the Western nations and was sold without the involvement of sanctioned Russian entities and ships.
  • He added that there was no shortage of oil in the market as countries like Guyana, Brazil, Canada, and Suriname were hiking output.