Provisional government data released on Tuesday show Indian refiners processed 5.23 million barrels per day of crude oil in April. That figure represents an 8.9% decline from March's throughput of 5.55 million barrels per day, and equates to 21.39 million metric tons for the month.
Measured year-on-year, April's throughput was down 2.2% from the same month last year. By contrast, March's refinery throughput stood at 23.48 million metric tons.
India is the world's third-largest oil importer and consumer, and recent geopolitical developments have contributed to volatility in energy markets. The ongoing U.S.-Iran tensions have disrupted shipping flows through the Strait of Hormuz, a maritime corridor that carries roughly 20% of global oil and liquefied natural gas supplies. That disruption has weighed on seaborne crude availability from the Middle East and fed short-term price volatility.
In response to those supply interruptions, Indian refiners have adjusted procurement patterns, increasing imports from Latin America and Africa, according to trade-source data. The shift reflects attempts by refiners to secure cargoes as shipments from the Middle East face uncertainty.
Ship tracking information and industry sources also indicate that Nayara Energy - which is partially owned by Russian oil company Rosneft (MCX:ROSN) - received only one Russian oil cargo in April. The same data show the firm's refinery was fully shut down for the better part of the month to undertake routine maintenance.
Key points
- April throughput: 5.23 million bpd, down 8.9% from March.
- April volume in metric tons: 21.39 million, a 2.2% decline year-on-year.
- Refiners are sourcing more crude from Latin America and Africa amid disruptions to Middle East flows.
Risks and uncertainties
- Continued disruption to shipping through the Strait of Hormuz could prolong supply constraints and price volatility - affecting energy and shipping sectors.
- Operational outages at individual refineries, such as Nayara Energy's routine maintenance shutdown, can reduce national refining capacity and shift import patterns - impacting refiners and crude traders.
This report presents the provisional government figures and related industry-sourced shipping data without further inference. Where sourcing was indicated by trade or ship tracking data, that attribution is retained as presented in the available material.