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Sector
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Size
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Market Cap £4.55bn
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Revenue £32.39bn
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UPDATE 1-Indian refiners' October crude processing up over 11%

Tue 23rd November, 2021 3:26pm
(Adds comments and details)
    By Asha Sistla
    Nov 23 (Reuters) - Indian refiners' crude oil throughput in
October rose from the previous month, government data showed on
Tuesday, in tandem with a jump in fuel consumption to the
highest in seven months.
     Refiners processed 4.96 million barrels per day (bpd)
(20.96 million tonnes) last month, up 11.5% from 4.45 million
bpd in September, the data showed. On a year-on-year basis,
throughput in October rose 14%.  
    India will release 5 million barrels of oil from its
strategic reserves in coordination with other buyers including
the United States, China, Japan and South Korea, a government
statement said on Tuesday.  urn:newsml:reuters.com:*:nL1N2SE0VO
    India, the world's third-biggest oil importer and consumer,
has been raising concerns over rising oil prices and wants the
Organisation of Petroleum Exporting countries and its allies led
by Russia (OPEC+) to quicken the pace of increasing output.
    In October, crude oil production fell about 2.3% to around
590,000 bpd (2.51 million tonnes) from the same month last year,
and edged down slightly from September, the data showed.
    "Crude oil production was down partly due to natural decline
and partly due to some technical delays," Refinitiv analyst
Ehsan Ul Haq said.    
    Indian refiners operated at an average rate of 98.76% of
capacity in October, up from 88.69% in September, the government
data showed.
    Meanwhile, compared to October 2020, natural gas output
jumped 24.7% to 3.02 billion cubic metres, but was still lower
than the targeted production of 3.33 billion cubic metres, data
showed.
    "Natural gas production was lower than the target, which is
especially concerning due to high global gas prices. It will
make India more dependent on imports at a time when it is
putting some financial pressure on the country's budget," Ul Haq
said.

 (Reporting by Asha Sistla and Bharat Govind Gautam in Bengaluru
Editing by David Goodman and David Evans)
 ((BharatGovind.Gautam@thomsonreuters.com; +91-80-6182-3021/
3590 (If within U.S. call 651-848-5832 );))
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