The Urals hurrah: how cheap Russian oil imports help IOC et al. make record refining margins - infrabuddy.net

The Urals hurrah: how cheap Russian oil imports help IOC et al. make record refining margins


The Gremikhinskoye oil field, east of Izhevsk near the Ural mountains.

Synopsis

Indian refiners are the key beneficiaries of discounted Russian crude and will be able to clock higher gross refining margins (GRM) of around USD9-USD10 per barrel in FY24. GRM of IOC, the country’s largest oil marketing company, has increased more than four times in the last three years. So has its net profit.

After almost nine months, crude oil prices are at it again. As supply fears rise, Brent crude futures were up USD1.24, or 1.31%, at USD95.67 a barrel on Tuesday at 1308 GMT. US West Texas Intermediate crude futures were up USD1.92, or 2.1%, at USD93.40. For the common man, this may strike fears of further increase in fuel prices. For oil marketing companies (OMCs), there is nothing to worry about. Indian refiners have saved at least USD8 billion

  • FONT SIZE
  • SAVE
  • PRINT
  • COMMENT

New Feature
Refer & Earn

Uh-oh! This is an exclusive story available for selected readers only.

Worry not. You’re just a step away.



Source link