Indian refinery runs reach 21-month high in November

Oil

Indian crude oil refinery throughput increased by 290K b/d m-o-m and 170K b/d y-o-y to average 5.25M b/d in November, rising for the third consecutive month to the highest level since February 2020, according to data from the Petroleum Planning and Analysis Cell (PPAC). Refiners ramped up their crude processing in anticipation of an accelerated recovery in fuel demand in the coming months, Argus reported.

India’s crude oil imports also jumped by 450K b/d m-o-m to a seven-month high of 4.49M b/d, recovering after falling to a three-month low in October. Total clean oil product exports rose by 60K b/d m-o-m to 1.29M b/d, supported by shipments of jet fuel which increased by 30K b/d m-o-m to 140K b/d, the highest level since February 2020.