Sign of increased economic activity! India's refinery throughput recovers in Sep, LNG imports rising

In a sign of increased economic activity, India Ratings and Research's latest credit digest on country's oil and gas sector has shown a recovery in refinery throughput during September.

The ratings agency's October 2020 credit digest edition highlighted an increase in LNG imports.

India's refining throughput increased 13.3 per cent month on month to 4.33 million barrels per day (mbd) in September 2020, while it declined 8.8 per cent year on year.

"India's petroleum product output, domestic consumption and exports declined 9.5 per cent YoY to 18 mmt, 4.1 YoY to 15.5mmt and 27.1 per cent YoY to 4.8mmt, respectively."

Besides, the production volumes of the ONGC, the OIL and fields under production-sharing contracts decreased 1.7 per cent yoy, 5.4 per cent yoy and 16.3 per cent yoy, respectively, during September 2020.

In September 2020, India's crude import dependency almost remained stable on a yoy basis at 83.4 per cent.

In addition, LNG import volumes increased 8.9 per cent YoY to 2,972 mmscm in September 2020.