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ICRA Research Report
The global liquids consumption is not expected to recover to pre-Covid-19 levels by 2022.
About 1.5 million barrels per day refining capacity would be added over CY 2021-2022.
Refinery throughput in CY 2022 is expected to remain below CY 2018 levels leading to utilisation below long-term averages
Singapore gross refining margins are expected to improve but remain muted owing to the global supply overhang
Gasoline cracks have improved significantly owing to the increase in demand but gasoil and jet/kero cracks remain much below their long-term averages
With diesel accounting for close to 40% of the refining product slate in India, it remains the major influencer of the GRMs of domestic refiners.
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