Indian refiners’ crude processing in November fell 0.1% year-on-year to 5.29 million barrels per day (21.64 million metric tons), provisional government data showed.

Total crude oil production fell about 2.1% to around 574,000 barrels per day (2.35 million tonnes) year-on-year, the data showed.

India, which is the world’s third-biggest oil importer and consumer, saw demand rising by 9.3% year-on-year to 20.43 million metric tons in November, its highest level since May, based on oil ministry data earlier this month, driven by strong economic and travel activity.

India’s crude oil imports rose 2.6% year-on-year to 19.07 million metric tons in November, data from the Petroleum Planning and Analysis Cell’s website showed. On a monthly basis, crude oil imports were down 3.2% from 19.71 million metric tons in October.

In November, the Middle East’s share of India’s crude oil imports oil hit a 9-month high, while Russia accounted for its smallest share in three quarters, ship tracking data obtained from sources showed.

Some refiners reduced intake of Russian oil due to maintenance turnarounds at their plants and continued to lift committed volumes under annual contracts with Middle Eastern producers, an India refining official said.
Source: Reuters