Domestic Refineries Use Less Than Half of Crude Offered in Q1

Local refiners received only 28.5 million barrels of crude in the first quarter, despite producers offering 68.7 million barrels under the Domestic Crude Supply Obligation. The regulator reports 61.9 million barrels were allocated but supply hit just 36–46%. Pricing gaps between producers and refiners drove the shortfall. January saw 22.6 million barrels mandated and 25.3 million offered, yet only 9.2 million delivered. February allocations of 20.5 million barrels fell slightly short of offers and delivered 9.1 million barrels. March improved to 10.1 million barrels amid higher offers. The commission says it will refine the framework for better transparency and ensure sufficient crude supply under the Petroleum Industry Act.

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