Average refinery run rates at Indian refineries were 101 percent in January, compared to 87 percent in August last year. Most of India’s 23 refineries operated at above nameplate capacity in January. Indian refiners are scouring the spot market for cargoes in early 2022. Despite $90 oil prices, state refiners at the world’s third-largest oil importer, India, are scouring the market for spot supply to top their term contract deliveries as state-owned refineries look to meet annual output targets. Most of India’s 23 refineries operated at above nameplate capacity in January, and many are buying cargoes on the spot market to reach the 2021/2022 fiscal year refinery production goals, officials at refineries told Bloomberg . The high demand in India’s 2021/2022 fourth-quarter between January and March could be yet another bullish factor for oil prices, which have rallied by nearly 20 percent so far this year. Average refinery run […]