Archive · 14 Nov 2025
Asia Refining Margins Rise for Second Month on Diwali and Supply Issues
Imagine oil refineries are like kitchens that turn crude oil into gasoline and jet fuel.
In October, these kitchens in Asia were busier and made more money.
This happened because people in India were celebrating Diwali, a big festival, which meant they needed more fuel for travel.
Also, there were fewer places making fuel because some kitchens were closed for repairs or had problems.
Some oil from Russia also wasn't flowing as expected, making the fuel that was available more valuable.
This combination of more demand and less supply helped the Asian oil kitchens earn more money for the second month in a row.
Asia's refining margins increased for the second straight month in October 2025.
The rise was attributed to Diwali festivities in India, product supply disruptions, and uncertainty around Russian oil flows.
Heavy refinery maintenance in the Northern Hemisphere also contributed to higher margins.
Singapore's refining margins against Oman saw a significant increase, outperforming Western counterparts.
Refinery utilization rates and throughput increased in key Asian countries like India, Japan, China, Singapore, and South Korea during October.
- Who
- Asian refiners, OPEC, International Energy Agency
- What
- Refining margins in Asia increased for the second consecutive month.
- When
- October 2025
- Where
- Asia, specifically referencing Singapore and India, with broader global context.
- Why
- Driven by Diwali festivities in India boosting domestic demand, product supply disruptions, uncertainty over Russian product flows, and heavy refinery maintenance in the Northern Hemisphere.
- October Refining Margins (Singapore vs Oman)
- $6.64 per barrel
- Month-over-Month Increase
- $3.59
- Year-over-Year Increase
- $2.68
- Indian Refinery Throughput (October)
- 5.31 mb/d
- Asian Refinery Utilisation Rate (October)
- 93%
- Global Refinery Intakes (October)
- 80.2 mb/d