One of Asia’s top buyers has cut oil processing to a 15-year low

NEW DELHI, MUMBAI : Once a major contributor to Asia’s status as the world’s top oil-importing region, India’s crude purchases and refinery run rates are plummeting as its economy rapidly decelerates.

Refiners across the South Asian nation operated fuel-producing units at the slowest pace in 15 years last month, and bought the least crude in more than two years, government data showed. On a seasonally adjusted basis, September imports were below the five-year average, falling under that level for the second time in 2019.

Waning consumption and a deteriorating outlook across India are deepening a slowdown in Asia’s third-largest economy.