India crude imports up with refinery runs in November

India's crude imports increased in November as refineries operated at maximum or even higher than nameplate capacity to meet a rise in fuel demand. Exports of gasoline and jet fuel rose.

Crude imports were 4.49mn b/d, up by 11pc from October and by 0.5pc year on year, but remained lower by 4.2pc than pre-pandemic 2019, provisional oil ministry data show.

The increase was down to higher processing rates in November, with most state-run refineries operating at above maximum nameplate capacity in anticipation that the recovery in fuel demand would accelerate in the coming months.

India imports nearly 84pc of its crude needs, but is a net exporter of oil products. Exports of diesel fell by nearly 1pc on the month in November to 692,000 b/d. This is down by 15pc from 2019 levels, but higher by 24pc on an annual basis.

Gasoline shipments rose by 6.4pc on the month to 292,000 b/d, up by 15.6pc on an annual basis and 4.2pc higher compared with November 2019. Jet fuel exports rose by 26pc from October to 145,000 b/d, a level double of November 2020 but 22.6pc below the the same month in 2019.

Ministry data earlier this month show Indian consumption of diesel and jet fuel rose on the month in November at below the pre-pandemic 2019 levels, and gasoline use continued to surpass that mark. Oil products production also rose last month.

By Sathya Narayanan