Page 2 - Indian Refiners News Today : Breaking News, Live Updates & Top Stories | Vimarsana

India is embarking on a capacity expansion of its oil refineries to meet the country's rising thirst for fossil fuels. The building blitz aims to raise production of traditional transport fuels such as gasoline and diesel, which will increase India's refining capacity by more than 20% over the next five years. This boost comes at a time when the global refining industry is declining in the US and Europe, making India a rare exception. The slower adoption of electric vehicles in India and the country's growing transport demand will keep the appetite for gasoline and diesel higher for longer.

Indian Oil Corp and Bharat Petroleum Corp are considering lifting an additional 1 million barrels of oil each from Saudi Aramco in February. The move comes after the kingdom cut the official selling price of its key export grade for February to the lowest in 27 months. The Indian Oil Corp is also seeking more oil from Saudi Arabia and West Africa due to difficulties in buying Russian light sweet crude Sokol.

After rising to an all time record of 2.15 million barrels a day in May, oil imports from Russia fluctuated downwards, experiencing a sharp decline between November and December to 1.48 million barrels a day last month, according to Kpler data.

Business News: India’s crude oil imports from its largest supplier Russia plunged in December to their lowest since January 2023, as six tankers carrying Sokol grade.

Currently the discounts are in the range of $4-6 per barrel and may reach $10-12 per barrel soon