Indian Refiners' Crude Processing Near Record Peaks

Reuters, April 23, 2023

Indian refiners' crude oil processing stayed near record peaks in March, provisional government data showed on Friday, catering to solid seasonal demand in the world's third biggest oil consumer.

Refinery throughput gained 3% to 5.44 million barrels per day (23 million tonnes) year-on-year for March. Throughput stood at 5.46 million bpd (20.85 million tonnes) in February.

Crude oil processed in tonnes, was the highest since Reuters records going back to 2009. Crude processed in million bpd terms, taking into account the fewer days in February, was also the highest since Reuters records going back to 2009.

In March, India's fuel consumption hit a record high.

"In March, we generally see seasonal high demand. Fuel demand is rising with heightened industrial activity and also as it is harvesting season," said Prashant Vasisht, vice president and co-head, corporate ratings at ICRA.

"Demand might slow when monsoons hit India, but overall we still project increased fuel demand for the year as the Indian economy is expected to record good growth."

Natural gas output was up 2.4% to 2.96 billion cubic metres year on year, while crude oil production fell 2.9% to 2.45 million tonnes, the data showed.

Preliminary sales data showed Indian state refiners posted an 8.4% rise in sales of gasoil to 3.45 million tonnes in the first half of April compared with the same period last month, indicating higher demand from the agriculture sector and a recovery in industrial activity

India has been stocking up on discounted Russian crude oil. Western nations have imposed a $60 a barrel price cap for anyone buying Russian oil as part of sanctions against Moscow. However, India and China have paid prices above the cap, according to traders and Reuters calculations.

Included in the link below are details of refinery throughput and crude oil output.

(Reporting by Ananya Bajpai and Ashitha Shivaprasad; Editing by Barbara Lewis)

Click here to read the full article from Reuters.

Copyright 2024 Thomson Reuters. Click for restrictions.

Comments and Discussion

There are no comments yet.

Add a Comment

Please log in or register to participate in comments and discussions.

Inspectioneering Journal

Explore over 20 years of articles written by our team of subject matter experts.

Company Directory

Find relevant products, services, and technologies.

Training Solutions

Improve your skills in key mechanical integrity subjects.

Case Studies

Learn from the experience of others in the industry.


Inspectioneering's index of mechanical integrity topics – built by you.

Industry News

Stay up-to-date with the latest inspection and asset integrity management news.


Read short articles and insights authored by industry experts.

Expert Interviews

Inspectioneering's archive of interviews with industry subject matter experts.

Event Calendar

Find upcoming conferences, training sessions, online events, and more.


Downloadable eBooks, Asset Intelligence Reports, checklists, white papers, and more.

Videos & Webinars

Watch educational and informative videos directly related to your profession.


Commonly used asset integrity management and inspection acronyms.