India’s Refinery Processing Limps To Six-Month Peak

After the unlock, industrial and transportation activities in the country have been steadily improving. Due to this, economic recovery is continuously increasing. Crude oil processing has also provided another indication. According to government data, crude oil processing at the country's refinery has reached a 6-month high.

According to the data, crude oil refining in September was 4.33 million barrels per day (17.71 million tonnes) daily. It has grown by 13.4% compared to August. This is the first high level of crude refining since the ban due to coronavirus. There were 5.01 million barrels per day of refining before the ban.

According to the data, the refineries of Indian Oil Corporation (IOC) have reached 81 percent capacity. At the same time, the refining capacity of Reliance, the company with the largest refinery, has reached 89.37 per cent. Crude oil production declined by 6 per cent to 2.49 million tonnes.

Fuel demand has also increased for the first time since June. For the first time since March, sales of Gasoil have also increased, indicating an increase in industrial activity before the festive season. UBS analyst Giovanni Staunovo says that all this indicates that the Indian economy is now slowly returning back on track. He believes that despite increasing cases of corona infection, oil demand has increased due to the lifting of restrictions on traffic.