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Thursday, October 29, 2020

June crude oil processing picks up on easing of travel restrictions

Total crude oil processing in India for the June quarter was down 22.3 per cent at 48.6 MMT, as against 62.8 MMT in the year-ago period, and 20.2 per cent below the processing target for the quarter.

By: ENS Economic Bureau | New Delhi | July 25, 2020 1:07:13 am
oil, oil prices, US China tensions, US China tensions oil prices, oil prices US China tensions, Business news, Indian Express he main reason for this was lower demand due to lockdown, a government release said. (Source: Bloomberg)

Total crude oil processed by domestic refiners in June was 17.54 million metric tonnes (MMT), rising 7.3 per cent from May and up 18.9 per cent from April, indicating an increase in demand for petroleum products after the easing of travel restrictions due to COVID-19, according to data released by the government.

Crude oil processing in June, however, was still down 13.6 per cent compared to the year-ago period. The main reason for this was lower demand due to lockdown, a government release said. Total crude oil processing in India for the June quarter was down 22.3 per cent at 48.6 MMT, as against 62.8 MMT in the year-ago period, and 20.2 per cent below the processing target for the quarter.

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