New Delhi: India's oil consumption improved slightly by 1.8 percent in October, showing first signs of recovery and indicating that economic activity may be gradually picking up. While domestic consumption saw a moderate increase, oil production and other indicators such as exports saw a decline, said a report by India Ratings and Research. India's domestic consumption of petroleum products increased 1.8 percent year-on-year to 4.2 million barrels per day in October, the report said. Although the country's production and exports declined by about 17 percent and 35 percent, respectively, the report added.
On a cumulative basis, production, domestic consumption and exports declined 16.4 percent year-on-year, 15.7 percent year-on-year and 11.0 percent year-on-year, respectively, during April-October 2020.
"In October 2020, India's refining throughput declined 16.1 percent year-on-year to 4.35mb/d, while it marginally increased 0.5 percent in October quarter compared to June quarter. The refining throughput was down 19.7 percent year-on-year to 4.06mb/d during April-October 2020. Domestic crude production fell to 6.2 percent year-on-year to 0.61 mb/d in October 2020," said India Ratings and Research in the report.
"During the month, the production volumes of Oil and Natural Gas Corporation Limited, Oil India Limited and fields under production-sharing contracts decreased as well," the report added.
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