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Indian Crude Imports Jumped to Record High in February


February data indicated Indian crude imports jumped to a record high of 4.3 mmb/d, while total products consumption also reached a new high record high of 3.68 mmb/d. 

Weak diesel demand has been a drag on total demand over the past year, but was just 0.1% lower y-o-y in February. Meanwhile, demand for gasoline (+8.1%), LPG (+9.3%) and jet fuel (+4.4%) continued to see robust growth. Stronger domestic demand is likely keep refinery runs supported over the next few months, but we expect that product exports could dip. At 4.7 mmb/d, India’s refining system is probably close to maximum operating capacity, which we estimate at 4.85 mmb/d. With no new capacity addition scheduled for this year, growth in domestic demand will need to be met by reduced product exports


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