Demand for Indian crude oil has been improving since mid-summer. In order to significantly increase the purification capacity, at least one filter plan can be maintained on this same line for some time.
India, the world’s third-largest oil importer, is a major source of oil prices due to its dependence on imports. Fuel demand has plummeted during the country’s recent VV-19 infections. But now things are looking up.
Reuters Reported Last month, in July, Indian filters intensified in a three-month run in response to strong oil demand following easing restrictions following a storm. The trend of interest continues. It is the demand for oil in the country Expected To reach the peak of the fiscal year due to the epidemic. As in other places, people in India are fleeing public transport in the guise of private vehicles to reduce the risk of seizures.
Sales of passenger vehicles in India increased by 45 percent in July, Reuters reported earlier this month. The report said the increase was due to widespread demand. Still, it has to do with the cost of public transportation to private transportation.
As a result, demand for gasoline could be so strong, an industry expert who spoke on condition of anonymity told Reuters that he wanted to import more. There was no alternative to local oil production because Indian refineries were consuming unsold diesel and there was no room for improvement until these items were unloaded.
By the way, the problem of diesel is not limited to India. They have been battling a recent 600,000 bpd stockpile since August in Bloomberg’s Asian filters. Report. Despite low oil exports from China, the margin for oil remains narrow, the report cites energy analysts, and prices have been bought, which “speaks volumes about how boring the situation is.”
However, oil demand is growing, and refineries are planning to increase capacity in the coming years. The Indian Oil Corporation, for example, plans to increase its refining capacity by 25 percent or 350,000 BPD over the next four years. This brings the total to 1.76 million bpd, Argus Reported last month.
The expansion of the IOC is part of a larger plan to expand India’s oil refining capacity from 5 million BPD to 6 million BPD by 2025, he said. He said the investment is expected to reach 27 billion dollars.
India’s oil demand is expected to increase from 250 million tons by 2040 to 400-450 million tons by 2040, according to various agencies. This provides ample room for all types of energy. ” He told him Indian media at the end of August. The demand has already returned to pre-epidemic stages, the executive said.
India has been the center of the worst epidemic since the onset of the cholera epidemic, suggesting that this could quickly return to oil demand and be even more important for key oil exporters. The suggestion was recently backed by Saudi Arabia Discount For Asian customers.
On the one hand, the cut-off could be interpreted as a response to low demand recovery trends across the continent. On the other hand, according to the latest data from India, fossil fuels may be an attempt to increase the market share of one of the largest oil consumers in the coming years and decades.
By Irina Slav for Oilprice.com
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