Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Indian refiners' October crude processing up over 11%

11/23/2021 | 10:38am EST

(Reuters) - Indian refiners' crude oil throughput in October rose from the previous month, government data showed on Tuesday, in tandem with a jump in fuel consumption to the highest in seven months.

Refiners processed 4.96 million barrels per day (bpd) (20.96 million tonnes) last month, up 11.5% from 4.45 million bpd in September, the data showed. On a year-on-year basis, throughput in October rose 14%.

India will release 5 million barrels of oil from its strategic reserves in coordination with other buyers including the United States, China, Japan and South Korea, a government statement said on Tuesday.

India, the world's third-biggest oil importer and consumer, has been raising concerns over rising oil prices and wants the Organisation of Petroleum Exporting countries and its allies led by Russia (OPEC+) to quicken the pace of increasing output.

In October, crude oil production fell about 2.3% to around 590,000 bpd (2.51 million tonnes) from the same month last year, and edged down slightly from September, the data showed.

"Crude oil production was down partly due to natural decline and partly due to some technical delays," Refinitiv analyst Ehsan Ul Haq said.

Indian refiners operated at an average rate of 98.76% of capacity in October, up from 88.69% in September, the government data showed.

Meanwhile, compared to October 2020, natural gas output jumped 24.7% to 3.02 billion cubic metres, but was still lower than the targeted production of 3.33 billion cubic metres, data showed.

"Natural gas production was lower than the target, which is especially concerning due to high global gas prices. It will make India more dependent on imports at a time when it is putting some financial pressure on the country's budget," Ul Haq said.

(Reporting by Asha Sistla and Bharat Govind Gautam in Bengaluru; Editing by David Goodman and David Evans)

By Asha Sistla


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BHARAT PETROLEUM CORPORATION LIMITED 2.53% 382.55 Delayed Quote.-3.20%
CHENNAI PETROLEUM CORPORATION LIMITED 1.68% 105.85 End-of-day quote.3.17%
HINDUSTAN PETROLEUM CORPORATION LIMITED 2.59% 311.35 Delayed Quote.3.81%
INDIAN OIL CORPORATION LIMITED 0.91% 121.45 Delayed Quote.7.94%
MANGALORE REFINERY AND PETROCHEMICALS LIMITED -0.36% 41.35 End-of-day quote.-4.17%
OIL AND NATURAL GAS CORPORATION LIMITED -0.33% 165.15 Delayed Quote.16.36%
OIL INDIA LIMITED 3.45% 224.8 Delayed Quote.9.25%
RELIANCE INDUSTRIES LTD -0.20% 2373.25 Delayed Quote.0.41%
Latest news "Economy & Forex"
01:05pDUTCH PM RUTTE : Netherlands covid-19 lockdown measures will be f…
RE
01:03pTech stocks drag Wall Street lower ahead of Fed meeting
RE
01:01pTech stocks drag Wall Street lower ahead of Fed meeting
RE
01:01pDUTCH HEALTH MININSTER : Netherlands covid-19 lockdown measures w…
RE
12:59p3M profit beats as N95 mask demand surges due to Omicron
RE
12:58pNigeria to amend oil law to extend petrol subsidies
RE
12:58pFinland enhances military readiness as tension rises over Ukraine
RE
12:56pFord aims to be the Tesla of connected commercial vehicles
RE
12:53pNvidia preparing to walk away from Arm acquisition - Bloomberg News
RE
12:50pParis wheat extends rally on Russia-Ukraine conflict fears
RE
Latest news "Economy & Forex"