Indian oil refineries 95% full
At a time when virus-inflicted lockdown of 1.3 billion people has pummeled India’s appetite for key transportation fuels, refiners in India have filled 95% of about 85 million barrels of fuel storage capacity. Like the rest of the world, India, he world’s third-biggest oil consumer, is quickly running out of space to store a swelling stockpile of fuel as every possible container threatens to overflow.
Royal Vopak NV, globe’s biggest independent oil storage company, is already said to have leased out almost all available space to store crude and refined fuels due to the still-expanding glut that drove oil prices negative for the first time in history.
“Demand does not seem to be coming back fast,” stated R. Ramachandran, director of refineries at Bharat Petroleum Corp. Demand for diesel and gasoline, which account for more than half of India’s oil demand, dropped by more than 60% in the first half of April. The extension of lockdown till 3rd May has further dampened the hopes of a quick recovery.