New Delhi: Crude oil imports decreased by 2.3% and increased by 0.4% during November 2023 and April-November 2023 respectively, compared to the corresponding period of the previous year. The net import bill for oil and gas was $11.1 billion in November 2023. It was at $12.3 billion in November 2022. Data released by the Petroleum Planning & Analysis Cell (PPAC) revealed this.
As per data, India produced a total of 2.4 million metric tonnes (MMT) of crude oil in November 2023. This is a growth of 0.4% compared to the year-ago period. Out of 2.49 MMT, Oil and Natural Gas Corporation (ONGC) produced 1.6 MMT of crude oil while Oil India Limited (OIL) and private sector producers contributed 0.5 MMT and 0.60 MMT.
The Indian basket crude price averaged $83.46/bbl during November 2023 compared to $90.08/bbl during October 2023 and $87.55 /bb during November 2022.
The production of petroleum products was 22.8 MMT during November 2023 which is 12.4% higher than November 2022. Out of above 22.8 MMT, 22.5 MMT was from refinery production and 0.3 MMT was from fractionator.
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On the other hand, natural gas consumption (including internal consumption) for November 2023 stood at 5,328 MMSCM (million metric standard cubic meters), which was 6.6% higher than the corresponding month of the previous year. The cumulative natural gas consumption for the current financial year till November 2023 stood at 43,696 MMSCM, which was higher by 8.5% compared with the corresponding period of the previous year.
In addition, LNG import for November 2023 was 2,337 MMSCM which was 5.3%t higher than the corresponding month of the previous year. The cumulative import of 20,090(P) MMSCM for the current financial year till November 2023 was higher by 12.4% compared with the corresponding period of the previous year.
The gross production of natural gas increased by 7.1% at 3,041 MMSCM in November from last year. The cumulative gross production of natural gas was 24,081 MMSCM for the current financial year till November, higher by 5.1% compared with the corresponding period of the previous year.
India is dependent on imports to meet over 85%t of its crude oil requirements and around 50% of its natural gas requirements.
In October 2023, India produced a total of 2.5 MMT of crude oil – registering a growth of 1.3% compared to the year-ago period. The net import bill for oil and gas was $11.8 billion in October 2023 compared to $11.9 billion in October 2022.
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