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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
REFINING
Refinery throughput for Indian Oil Corp. showed a 4.6% rise yr/yr in Q4 2022 with crude runs above 100% in November and December.
- Total throughput over Oct-Dec was 18.2m mt (1.45mb/d) according to IOC on 31 Jan. The run rate of all nine refineries was 104% in December up from 101% in November and 99% the previous year.
- Domestic demand is growing post pandemic and could continue in Q1 2023 according to S&P Global. IOC's domestic sales rose 10.5% year on year to 23.2m mt in Oct-Dec 2022.
- India’s oil products demand rose 8.4% in 2022 to 219.2m mt (4.7mb/d) with diesel up 10.2% and gasoline up 13.8% according to the oil ministry Petroleum Planning and Analysis Cell.
- "Indian refineries are preparing for a strong revival in demand. There is a strong case for keeping run rates high," said a S&P Global source.
- India's average refinery runs are expected to rise from 5.16mp/d in 2022 to 5.3mb/d in 2023 on higher available capacity and healthy margins according to S&P Global.
Source: S&P Global
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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