Indian refiners' October crude processing up over 3% y/y
Indian refiners' throughput in October rose over 3% year-on-year to 5.04 MMbpd (21.3 MM tonnes), provisional government data showed on Friday.
"As exports didn’t rise month-on-month (m/m) the refinery increase is the result of higher domestic demand, which still benefits from solid economic growth in India," said UBS analyst Giovanni Staunovo.
India's crude oil imports rose about 3.9% in October to 19.52 MM tonnes on a monthly basis, while total product exports plunged over 22%, government data showed.
India, the world's third-biggest oil importer and consumer, saw demand rising by 2.9% year-on-year in October to 20.04 MMt, oil ministry data showed earlier this month, driven by strong economic activity.
Meanwhile, India's monthly intake of Russian oilincreased by 3.3% in October to a three-month high of 1.95 MMbpd, accounting for about two-fifths of overall imports, data provided by trade sources show.
The country's state-run Hindustan Petroleum Corp Ltd. is looking at raising its annual crude import deal with Iraq to 100,000 bpd in 2025, up about 43% from this year, a company source said.
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