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India’s refinery processing limps to six-month peak

Crude oil processed by Indian refiners hit the highest in six months in September, in another sign that demand for fuel is recovering from the blow to economic activity and transportation from coronavirus restrictions.

Crude oil throughput in September rose 13.4 per cent from the previous month to 4.33 million barrels per day (17.71 million tonnes).

This was the highest since the onset of the country’s coronavirus restrictions in March when refiners processed 5.01 million bpd of crude oil.

Fuel demand also rose for the first time since June last month, data showed earlier.

October gasoil sales rose for the first time since March, preliminary data showed, signalling a pick-up in industrial activity ahead of key festivals.

“There have been some promising signs of recovery in India, which in recent years has been the second demand engine after China,” said UBS analyst Giovanni Staunovo.

“Despite the rising number of COVID-19 cases in the country, the removal of mobility restrictions has supported oil demand.”

India has reported a downward trend in coronavirus infections since hitting a single-day high of 97,894 new cases on Sept. 17, although it still remains the world’s second worst-affected country.

Having posted its biggest drop since at least 2003 in April, crude processing has recovered about 20 per cent in September, although it still remains 8.7 per cent lower compared to the same month a year ago, government data showed on Friday.

Indian refiners operated at about 86.22 per cent of their overall capacity in September compared to 76.10 per cent in August, data showed. This was the highest refinery utilization rate since March.

Indian refiners operated at about 86 per cent of their overall capacity in September, the most since March.

Top refiner Indian Oil Corp (IOC) operated its directly owned plants at 81% capacity, the data showed.

Reliance, owner of the world’s biggest refining complex, operated its plants at 89.37 per cent capacity.

Crude oil production fell by 6 per cent from a year earlier to 2.49 million tonnes (608,000 bpd), the monthly report showed.

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