Indian refiners’ oil processing in December rises 4% y/y

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Crude oil production last month was 586,700 barrels per day (2.48 million tons), down nearly 1.2% year-on-year, the data showed, on lower production in certain oil clusters. Oil and Natural Gas Corporation.

Meanwhile, crude oil imports rose to a five-month high as refiners stockpiled cheap Russian fuel amid a steady rise in domestic consumption.

“Discounted crude from Russia will help refiners boost runs,” said Ehsan Ul Haq, an analyst at Refinitiv.

Processing in November fell to 19.58 million tonnes, while crude oil production was 586,000 bpd, down 1.1% against last year, data from the Petroleum Ministry showed and Natural Gas.

The supply of oil products has become a global concern since the sanctions against Russia were discussed. The ambassadors of the European Union governments on Friday discussed a proposal to establish price limits on Russian oil products from February 5.

The government of India is also encouraging foreign investments, Haq added. It awarded its latest tender to ExxonMobil for a cargo of Nigerian crude oil Usan and Akpo.

Natural gas production rose 1.9% to 2.95 billion cubic meters year-on-year, the data showed.

India’s Bharat Petroleum Corp plans to shut down multiple of its refineries for maintenance in the coming months.

(Reporting by Rahul Paswan in Bengaluru; Editing by Jan Harvey)

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