How much crude oil does India produce and import?
India extracts approximately 20 million barrels per month. This is inadequate to meet domestic demand. We import around 50 to 60 million barrels of crude per month. How much crude oil does India consume? India consumes about 2.5-2.8 million barrels of crude oil per day. How much crude oil is refined in India? India processes about 10 million tonnes of crude oil every month. Of this, it produces around 9.5 million tonnes of petroleum products, viz petrol, diesel, kerosene, naphtha etc. The annual production of petroleum products in India amounts to around 117.6 million tonnes, out of which around 13 per cent is exported. Refineries export mainly petrol, diesel and naphtha. What is the gross refining margin? Suppose a refinery buys one barrel of crude oil at $50. It breaks this down to various quantities of petrol, diesel, aviation turbine fuel, naphtha, kerosene, furnace oil etc. Suppose these products, as a basket, are sold at $55. In this case, the gross refining margin is said to be
