India's liquid fuel consumption is projected to increase by 26 per cent, reaching 6.6 million barrels per day (bpd) by 2028, according to the latest US Energy Information Administration (EIA) Global Refining Outlook. India has been expanding its refining capacity to meet this growing demand, adding 1.3 million bp/d from 2011 to 2023, bringing its total capacity to 5.1 million b/d. The country is set to see between 0.5 million b/d and 2.4 million b/d of new refining capacity by 2028, including major projects like the Ratnagiri megaproject. These expansions involve upgrading hydrocracking and hydrotreating units to boost the production of low-sulfur distillate fuel oil and enhance petrochemical integration. Investments in fluid catalytic cracking (FCC) capacity are also planned to increase the output of lighter petroleum products. Currently, domestic production supplies only 12 percent of India's liquid fuel needs, making the country heavily reliant on crude oil imports. India is increasing its imports from Russia, particularly as Middle Eastern imports decline due to OPEC+ production cuts.
India remains a significant exporter of petroleum products, shipping over 1.2 million b/d annually. Recent shifts in export destinations have seen increased shipments to Europe following the EU's ban on Russian products, with major markets including the UAE, Singapore, South Korea, and the US West Coast. Attribution: US Energy Information Administration (EIA) Global Refining Outlook Subediting: Y.Yasser
