High refinery runs and expanding refining capacity amid a strong recovery in demand pushed India’s crude oil imports to a record 4.93 million bpd in January 2018, up by double digits compared to both December 2017 and January 2017, according to data compiled by Thomson Reuters Oil Research & Forecasts. India’s oil imports last month were 13.6 percent higher than in January last year and 12.5 percent higher than in December 2017. State-owned refineries, which run two-thirds of the nearly 5-million-bpd Indian refining capacity, generally increase run rates in the first months of the year to March to meet the targets set by the government. Another reason for the high oil imports and run rates is the upcoming spring maintenance at Indian refineries. Robust demand and good refining margins also boosted oil imports. According to analysts at FGE, Indian refinery runs were 5.27 million bpd last month, up by […]