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Refineries processed 19.5 million metric tons (MMT) or 4.62 million barrels per day (mbd) in August, 5.07 mbd in July and nameplate capability of 5.02 mbd, based on information from the Ministry of Petroleum and Pure Gasoline.
Refineries have operated above nameplate capability over the previous yr as world demand for transportation fuels and different refined merchandise rises amid the reopening of economies. Sturdy gas demand amid world refining capability constraints additionally helped refiners create distinctive margins. In flip, the upper margins prompted the federal government to impose an sudden tax on the export of transport gas.
Demand is now waning, and refinery runs have begun to mirror this. Home consumption of petroleum merchandise rose barely 1% to 17.8 MMT in August, from 17.6 MMT in July. By comparability, manufacturing of petroleum merchandise fell 5% to twenty.9 MMT in August.
Exports of those merchandise rose 11% month-on-month to five.2 MMT in August, whereas imports fell 3% to three.6 MMT.
The monsoon months of June to August are normally marked by low demand for transport gas and gradual financial exercise as rains hinder mobility.
Refineries processed 6% extra crude in August than a yr earlier. Consumption of refined merchandise grew 16% year-on-year in August.
Together with the dynamism, financial exercise has picked up tempo over the past yr. However inflationary stress is prompting central banks around the globe to lift rates of interest sharply, which can gradual the financial system and average demand for the gas.
Struggle-induced uncertainties in Ukraine and the West’s efforts to chop consumption of Russian oil and merchandise have saved crude oil and gas costs excessive. Crude oil charges have eased barely in latest weeks, however restricted world refining capability has saved gas costs excessive.
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