Regardless of $90 oil costs, state refiners on the world’s third-largest oil importer, India, are scouring the marketplace for spot provide to prime their time period contract deliveries as state-owned refineries look to fulfill annual output targets.
Most of India’s 23 refineries operated at above nameplate capability in January, and lots of are shopping for cargoes on the spot market to achieve the 2021/2022 fiscal 12 months refinery manufacturing targets, officers at refineries informed Bloomberg.
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