MOSCOW (MRC) -- Indian refiners' crude oil throughput in August dipped to its lowest in 10 months due to ongoing maintenance activities at multiple refineries, reported Reuters with reference to government data.
Refiners processed 4.36 million barrels per day (18.44 million tons) of crude oil last month, the lowest since October 2020 and about 4.8% lower than 4.58 million bpd processed in July.
Maintenance activities at some facilities limited production in August, Refinitiv analyst Ehsan Ul Haq said, adding that demand was likely to resume as the festival season approaches, provided cases of COVID-19 remain low.
On a year-on-year basis, however, refiners' crude oil throughput in August jumped about 14.2%, while crude oil production fell about 2.3% to 596,000 bpd (2.52 million tons), the data showed.
Indian refiners operated at an average rate of 86.89% of capacity in August, down from 91.34% of capacity in July, the government data showed.
India's top refiner, Indian Oil Corp (IOC), last month operated its directly owned plants at 82.83% capacity, as per the data.
Reliance, owner of the world's biggest refining complex, operated its plants at 88.22% capacity in August. Reliance's oil imports in August declined 11.8% from last year, preliminary tanker data from shipping and industry sources showed on Tuesday.
As MRC informed eearlier, India plans to force refineries and fertilizer plants to use some green hydrogen, junior oil minister Rameswar Teli said in late August, as Asia's third-largest economy strives to reduce carbon emissions.
We remind that IOC will build the nation's first 'green hydrogen' plant at its Mathura refinery, as it aims to prepare for a future catering to the growing demand for both oil and cleaner forms of energy.
We also remind that Indian refiners, anticipating a lifting of US sanctions, plan to make space for the resumption of Iranian imports by reducing spot crude oil purchases in the second half of the year. The world's third-largest oil consumer and importer halted imports from Tehran in 2019 after former US President Donald Trump withdrew from a 2015 accord and re-imposed sanctions on the OPEC producer over its disputed nuclear programme.