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Indian refiners' October oil processing highest since March

11/25/2020 | 12:09pm EST
ONGC well is pictured in an oil field on the outskirts of western city of Ahmedabad

(Reuters) - Crude oil processed by Indian refiners rose to its highest in seven months in October as fuel demand picked up although throughput remained lower than a year earlier, hurt by the coronavirus pandemic's impact on industrial and transport activity.

Crude oil throughput in October dropped 16.1% from a year earlier to 4.35 million barrels per day (18.39 million tonnes), but was the highest since March when the country went into a nationwide lockdown, provisional data issued by the government showed on Wednesday.

India's crude oil throughput hits 7-month peak https://graphics.reuters.com/INDIAN-REFINERY/qmypmxwodvr/chart.png

Pointing to a recovery in economic activity, India's fuel consumption registered its first year-on-year increase since February last month, data showed earlier.

Daily coronavirus cases in the country have declined steadily since having peaked in September, although it remains the second-highest number of cases in the world, after the United States.

Crude oil throughput in October rose 0.5% from September's 4.33 million barrels per day (17.71 million tonnes).

Indian refiners operated at an average rate of 86.7%, highest March, compared to 86.2% in September, data showed.

Refinery runs edge up as fuel demand crawls back https://graphics.reuters.com/INDIAN-REFINERY/bdwvklndbpm/chart.png

A major maintenance shutdown at Nayara Energy's 400,000 bpd Vadinar refinery pulled down the nation's average refinery run rates. Nayara's plant operated at 33% capacity last month, the data showed.

The country's largest refiner, Indian Oil Corp (IOC) operated its directly owned plants at 95.64% capacity, the data showed.

Reliance, owner of the world's biggest refining complex, operated its plants at 94.33% capacity.

Crude oil production fell by 6.2% to 2.57 million tonnes (608,000 barrels per day), the monthly report showed.

(Reporting by Anjishnu Mondol and Sumita Layek in Bengaluru, additional reporting by Brijesh Patel; Editing by Bernadette Baum)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BHARAT PETROLEUM CORPORATION LIMITED -3.00% 396.05 Delayed Quote.7.14%
CHENNAI PETROLEUM CORPORATION LIMITED -2.18% 121.1 End-of-day quote.13.55%
HINDUSTAN PETROLEUM CORPORATION LIMITED -1.49% 225.4 Delayed Quote.5.00%
INDIAN OIL CORPORATION LIMITED -1.03% 95.7 Delayed Quote.6.32%
LONDON BRENT OIL -1.48% 55.34 Delayed Quote.7.68%
MANGALORE REFINERY AND PETROCHEMICALS LIMITED -0.65% 38.05 End-of-day quote.7.33%
OIL AND NATURAL GAS CORPORATION LIMITED -2.06% 92.75 Delayed Quote.1.77%
OIL INDIA LIMITED -1.98% 111.5 Delayed Quote.5.91%
RELIANCE INDUSTRIES LTD -2.37% 2049.6 Delayed Quote.5.75%
WTI -1.55% 52.209 Delayed Quote.9.87%
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