Indian refiners’ crude oil processing in December rises 4% y/y: Govt data

(Reuters) – Indian refiners’ crude oil processing in December rose about 4% from a year earlier, provisional government data showed, in line with elevated demand in the world’s third-biggest oil importer and consumer.

Crude oil production last month was at 586,700 barrels per day (2.48 million tonnes), down nearly 1.2% year on year, the data showed, on lower output at certain Oil and Natural Gas Corporation clusters.

Crude oil imports rose meanwhile to a five-month high on refiners stocking up on cheaper Russian fuel amid a steady increase in consumption in the country.

“Discounted crude oil from Russia will help refiners boost runs,” said Ehsan Ul Haq, an analyst from Refinitiv.