Oil refiners in the world’s third-biggest crude importer are stepping up purchases as they strive to meet annual production goals, giving prices another tailwind as they march toward $100 a barrel.
At least 18 of India’s 23 refineries operated at more than 100% of nameplate capacity last month, up from just eight in August, according to several refinery officials with knowledge of the matter. Average run rates across the plants were 101% in December, compared with 87% in August, they said.
