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Singapore/New Delhi: India’s devastating Covid-19 crisis is threatening operations at some of its biggest ports, raising concern the action could trigger shipping delays that reverberate through global supply chains.
Karaikal Port in southern India invoked force majeure until May 24 after operations were “severely affected” from the pandemic, according to a notice on its website. The terminal, which claims to be India’s biggest non-state port, handles coal, sugar and petroleum among other commodities. Gopalpur port in Odisha has also declared force majeure, according to IHS Markit.
The situation may echo global trade disruptions seen last year after virus restrictions slowed shipments into China. While India accounts for only fraction of the global trade that China does, any delays in offloading vessels and releasing them to their next destination could create supply chain bottlenecks.
Asia Fuel Oil-380-cst cash discount widens on weak demand, ample stocks
Asian cash differentials for cargoes of 380-cst high-sulphur fuel oil (HSFO) extended losses on Tuesday, dipping to a fresh 2021 low amid sluggish seasonal demand for use in power generation and ample supplies, trade sources said.
The HSFO market is expected to receive a boost from increased demand from Middle Eastern utilities in the hot summer months, primarily Saudi Arabia, but the ramp up in demand for Asia cargoes has so far been slow compared to last year, the sources said.
The 380-cst HSFO cash discount slipped to minus 64 cents a tonne to Singapore quotes, down from 52 cents on Monday and its widest discount since Dec. 31.
Indian oil refiners cut output, imports as pandemic hits demand
05/11/2021 | 04:11am EDT
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NEW DELHI (Reuters) -India s top state oil refiners are reducing processing runs and crude imports as the surging COVID-19 pandemic has cut fuel consumption, leading to higher product stockpiles at the plants, company officials told Reuters on Tuesday.
Indian Oil Corp, the country s biggest refiner, has reduced runs to an average of between 85% and 88% of processing capacity, a company official said, adding runs could be cut further as its plants at Gujarat, Mathura and Panipat are facing problems storing bitumen and sulphur.
Fuel consumption falls in April
May 11, 2021
The diesel consumption fell 7.5 per cent, while petrol by 13 per cent.
The nationwide consumption of diesel, petrol and LPG fell in April 2021 as the second wave of Covid took hold in the country, according to data released from the Petroleum Planning and Analysis Cell on Tuesday.
The diesel consumption fell 7.5 per cent from March 2021 to 6.7 million tonnes, while petrol consumption fell 13 per cent to 2.4 million tonnes. Consumption of LPG similarly fell 6.5 per cent to 2 million tonnes.
Consumption in April 2021 has been higher on a year-on-year basis for petrol, diesel and LPG as the country was under a strict national lockdown during April last year. Comparing April 2021 with April 2019, however, diesel and petrol consumption has slipped 8.8 per cent and 3 per cent, respectively.
Indian oil refiners cut processing, imports as pandemic reduces demand
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Last Updated: May 11, 2021, 01:12 PM IST
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Synopsis
Indian Oil Corp, the country s biggest refiner, has reduced runs to an average of between 85% and 88% of total processing capacity, a company official said, adding runs could be cut further as some plants are facing problems storing refined oil products.
Agencies
India s top oil refiners are reducing processing runs and crude imports as the surging COVID-19 pandemic has cut fuel consumption, leading to higher product stockpiles at the plants, company officials told Reuters on Tuesday.
Indian Oil Corp, the country s biggest refiner, has reduced runs to an average of between 85% and 88% of processing capacity, a company official said, adding runs could be cut further as some plants are facing problems storing refined oil products.