In April, India posted the biggest drop in crude oil processing since at least 2003 due to the coronavirus outbreak.
Due to the coronavirus pandemic, India committed a nationwide lockdown since March 25, driving the fuel demand to plunge by 45.8% last month. The country’s total output in April slowed by 6.4% year-on-year to 2.55 million tonnes or 620,000 bpd.
In the month, refiners processed around 14.75 million tonnes or 3.6 million bpd of oil as the run rates slumped to 72% of overall capacity. Refiners even had to sell some oil to the federal government to fill the country’s strategic storage.
Indian Oil Corp. (IOC)’s operating at 53% of capacity while its subsidiary Chennai Petroleum’s slumped to 33%. Reliance cuts run rate at its export-focused 700,000 bpd Jamnagar refinery at about 87% capacity. Nayara Energy curbed ts 400,000 bpd Vadinar refinery run to 85% of capacity.
