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July oil imports hit a year low on refinery maintenance in India

August 26/2021

MOSCOW (MRC) -- India's July crude oil imports slumped to their lowest in a year, tanker arrival data from industry sources showed, and are likely to rebound in August as refiners are expected to boost runs after maintenance of units, said Hydrocarbonprocessing.

Crude imports in July fell 12.5% month-on-month to 3.4 million barrels per day (bpd), but rose 12.8% year-on-year, as refiners shut units for maintenance and cut crude imports anticipating lower fuel demand during the monsoon season. Government data released on Tuesday showed India's oil imports declined to about 15.02 million tonnes, about 3.5 million bpd.

Data from trade sources include some cargoes that arrive in July and discharged in August, and differ from the government data. "Some refinery maintenance in July limited Indian imports. Lower fuel demand in April-May should have led to high oil and fuel stocks," said Refinitiv analyst Ehsan Ul Haq.

Some refiners including Chennai Petroleum, Mangalore Refinery and Petrochemical and Indian Oil Corp's Gujarat and Mathura plant had cut crude runs due to low fuel demand, a government statement said on Tuesday. Some units were shut at Hindustan Petroleum's Mumbai and Vizag refineries, IOC's Barauni, Haldia and Paradip plants and Bharat Petroleum's Kochi refinery for maintenance during the month, the statement said.

Latin American supplies in July fell to their lowest since June last year as private refiners switched to cheaper Canadian heavy oil, the data showed. Middle East's share in India's overall imports rose to 64.7% from 59% in June, the data showed.

That lifted the share of OPEC's oil in India's overall imports to 77.6% from 66.3% in June, although in April-July, the first four months of this fiscal year, the group's share declined to the lowest.

As per MRC, Indian state refiners' gasoline and gasoil sales rose in June compared with a month earlier, preliminary industry data showed on Thursday, as states across the country eased coronavirus-related restrictions as cases fell. Gasoline sales by state refiners rose 29.4%, while diesel sales were up 18.5% in June compared with May, the data showed. Sales had declined by about a fifth in May from a month earlier due to lockdowns across the country.

Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,176,860 tonnes in the first half of 2021, up by 5% year on year. Shipments of exclusively low density polyethylene (LDPE) decreased. At the same time, PP shipments to the Russian market were 727,160 tonnes in the first six months of 2021, up by 31% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased. Supply of statistical copolymers of propylene (PP random copolymers) subsided.
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, neftegaz, petrochemistry, India, Russia.
Category:General News
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