Indian refiners are accelerating crude purchases as they lift run rates closer to 100% on expectations of a sustained upward trend in products demand, while keeping a close eye on the omicron coronavirus variant.
The threat from the new virus variant has not been severe enough to dent the country's oil demand recovery, trade sources and analysts said, although it has subdued the sentiment to some extent over the past weeks.
India's refinery runs are expected to rise by 370,000 b/d to 5.2 million b/d in 2022 on the back of strong domestic demand as economic activity gains steam and export demand rises, according to S&P Global Platts analytics.
"But with the emergence of new Omicron variant, there is a risk of downward adjustment to our outlook," said Lim Jit Yang, advisor for oil markets at Platts Analytics. "If the new variant spreads fast, governments in the region will tighten measures to contain the spread and the impact will most likely be felt in the first half of 2022. However, any lockdowns are likely to be localized and more targeted, and any impact on demand is likely to be relatively more modest than last year," he said.
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