On Tuesday, October 28, Indian government data showed that crude oil processing at Indian refineries fell 5.7% month-over-month to 5.14 million barrels per day (21.03 million tons) in September, the lowest level since February 2024.

The article shows that India's crude oil processing volume fell 5.7% month-over-month to 5.14 million barrels per day (bpd) in September, the lowest level since February 2024. This reflects weak demand from India, the world's third-largest crude oil importer, which could lead to a global crude oil spot supply glut and downward pressure on prices. The significant decline, reaching a multi-month low, suggests continued contraction in consumption, but it is not an extreme event, so the data is rated as generally bearish.

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