Indian refiners’ crude oil processing in December rose about 4% from a year earlier, provisional government data showed, in line with elevated demand in the world’s third-biggest oil importer and consumer.
Crude oil production last month was at 586,700 barrels per day (2.48 million tonnes), down nearly 1.2% year on year, the data showed, on lower output at certain Oil and Natural Gas Corporation clusters.
Crude oil imports rose meanwhile to a five-month high on refiners stocking up on cheaper Russian fuel amid a steady increase in consumption in the country.
Processing in November fell to 19.58 million tonnes, while crude oil production was 586,000 bpd, down 1.1% versus last year, the data from the Ministry of Petroleum and Natural Gas showed.
Supply of oil products has become a global concern since sanctions against Russia were discussed. Ambassadors of European Union governments on Friday discussed a proposal to set price caps on Russian oil products from Feb. 5.
India’s government is also encouraging foreign investments, Haq added. It awarded its latest tender to ExxonMobil for cargoes of Nigerian Usan and Akpo crude.
Natural gas output rose 1.9% to 2.95 billion cubic metres year on year, the data showed.
India’s Bharat Petroleum Corp plans to shut its multiple refineries for maintenance in the coming months.
Tags: Crude Oil, India, Natural Gas, Russian Fuel
Recent Posts
India grants approval for marine insurance cover to Russian tankers
Monjasa and Fuel Marine Oil Corp complete first biofuel bunker supply
Peninsula adds chemical tanker for biofuel supply
Bergen Engines joins Norwegian initiative for transition to alternative fuels
Indian Ocean, Bay of Bengal may serve as potential carbon storage sinks
ARIPL to power up 700 MWp solar project
Basin Electric Power CO2 capture projects receive funding
FHWA announces grants to help reduce truck air pollution near ports