India's crude oil imports surged to their highest level in nearly three years in December to more than 5 million barrels a day as refiners ramped up production to meet a rebound in fuel demand, according to trade sources.
As the world's third-largest crude oil importer and consumer, India's crude oil imports in December increased by approximately 29% compared with the previous month and by about 11.6% compared with the same period last year. Before that, India's fuel consumption in December increased for the fourth consecutive month, reaching the highest level in 11 months.
"This bodes well for a pick-up in fuel demand and an increase in refining margins."
The improvement of refining profit margin also promotes the development of oil and gas equipment supply enterprises. Over the years, focusing on the diversified needs of users in the field of oil and gas testing and gathering, HC has been committed to the technical innovation of petrochemical equipment, continuously developing new products, and improving the safety, environmental protection and energy saving performance of products. Our three-phase separator, water bath heater, shell-and-tube heat exchanger, surge tank and other products have successfully entered the international market.
At present, the international oil price rebound to dark moment has passed. The oil market is recovering from the price shock in March, with global average supply falling sharply in the second quarter by 6 million b/d compared to the first quarter of 2020, and the balance between supply and demand is expected to tighten in the third quarter, with world oil demand outpacing global supply.
In the current industry recovery, as a senior petrochemical equipment manufacturer, HC will continue to perform well in safety, environmental protection, management and cost reduction, develop green chemical products, and provide high-quality products and technical services for domestic and foreign oil and gas fields.
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