India's April Crude Processing in Biggest Drop Since 2003

K. Sathya Narayanan
Monday, May 25, 2020

India's crude oil processing in April slumped by 28.8% from a year earlier, its biggest drop since at least 2003, as a nationwide lockdown weighed on fuel demand and forced refiners to cut production.

Refiners processed about 14.75 million tonnes or 3.60 million barrels per day (bpd) of oil last month, government data showed.

The lockdown and travel curbs aimed at stemming spread of COVID-19 since March 25 forced people to stay home, cutting India's fuel demand by 45.8% in April.

Falling demand led Indian refiners and gas importers to declare force majeure on imports.

Refiners, struggling to store oil and products, had to sell some oil to the federal government which used it to fill strategic storage.

India has extended its nationwide restrictions to May 31, but relaxed rules in areas with lower numbers of cases leading to some recovery in fuel demand and refiner runs this month.

Indian refiners operated at about 72% of their overall capacity of about 5 million bpd, the data showed.

Indian Oil Corp, the country's top refiner, operated its plant at about 53% capacity, while use at the refineries owned by its subsidiary Chennai Petroleum plunged to about 33% of capacity, the data showed.

Reliance Industries Ltd, operator of the world's biggest refining complex, operated its export-focused 700,000 bpd Jamnagar refinery at about 87% capacity.

Nayara Energy, part-owned by Russia's Rosneft, curtailed runs at its 400,000 bpd Vadinar refinery to 85% of capacity.

India, which imports over 80% of its oil needs, produced 6.4% less oil in April than a year earlier at around 2.55 million tonnes or 620,000 bpd, data showed.
Natural gas output fell 18.6% to 2.16 billion cubic meters, data showed. 

(Reporting by K. Sathya Narayanan in Bengaluru; editing by Nidhi Verma and Jason Neely)

Categories: Energy Activity Oil Asia Refining

Related Stories

ADNOC Signs Long-Term LNG Deal with Hindustan Petroleum Corporation

CNOOC Brings New Offshore Gas Field On Stream

Yinson, PTSC Get $600M Contract for Vietnam-Bound FSO

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

China Starts Production at Major Oil Field in Bohai Sea

China Rolls Out 17MW Floating Wind Turbine Prototype

KBR-SOCAR Joint Venture Secures Work for BP in Azerbaijan

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

Current News

Inpex Kicks Off FEED Work for Abadi LNG Scheme Offshore Indonesia

ADNOC Signs Long-Term LNG Deal with Hindustan Petroleum Corporation

Sapura Energy Rebrands to Vantris Energy

BP, ONGC, Reliance Industries Ink Deal for Offshore Exploration in India

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

CNOOC Brings New Offshore Gas Field On Stream

Yinson, PTSC Get $600M Contract for Vietnam-Bound FSO

PTTEP Buys Chevron's Hess Unit Share of Southeast Asia’s Offshore Block for $450M

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com