Indian refiners have benefitted from higher refining margins
India cements role as refining hub
The country’s hybrid model of state-backed and private refiners, often collaborating, continues to enjoy success
Brisk growth in domestic consumption and the lure of export markets have helped propel a rapid expansion of India’s refining sector over the last two decades, boosting the country to becoming the world’s fourth-largest refiner by volume—behind the US, China, and Russia—and the second-largest in Asia. And following a particularly lucrative period for Indian refiners, more capacity additions are planned. India’s steady economic growth has helped underpin significant investments in the crude processing sector. And that expansion is expected to continue, bringing additional demand for refined products. The IMF has revised down to 6.8pc India’s projected growth for the 2022–23 financial year (whi
Also in this section
15 May 2025
Financial problems, lack of exploration success and political dogma cause uncertainty across much of the region
14 May 2025
The invisible hand of the market has seen increasing transparency but much more needs to be done to build a better understanding
13 May 2025
A fall in Venezuelan output drives overall production lower, as Saudi Arabia starts to slowly bring more crude to the market
12 May 2025
With the gas industry’s staunchest advocates and opponents taking brutal blows, the sector looks like treading a path of insipid indifference
