OPEN APP
Home >Industry >Energy >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. Expansion in the nation’s gross domestic product cooled for a fifth straight quarter to 5% in the April to June period, while the World Bank cut its forecast by the most among countries in South Asia.

Refinery capacity utilization in India was at about 95% as several units were left idled. Exports of diesel, the most consumed motor fuel and a barometer of economic activity, picked up as local demand waned.


Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Close
×
Edit Profile
My ReadsRedeem a Gift CardLogout