New Delhi: India’s domestic crude oil production for the April to January period of the current fiscal came declined marginally by 0.4% compared with the first 10 months of last fiscal. The domestic crude oil production in the period stood at 24.5 million metric tonne. The production also fell short of the target of 25.1 MMT for the Apr-Jan period. Data released by the Petroleum Planning and Analysis Cell revealed this.
Of this, output ONGC’s output fell by 3% at 15.1 MMT from last year. The company had a target of 16.1 MMT production. Oil India, on the contrary, achieved its target 2.8 MMT production for the period.
Meanwhile, Indian oil refiners processed 217.3 million tonne of crude oil during the period, against 211.4 MMT in the same period last year. In January alone, Indian refiners cumulatively processed 22.6 MMT against 22.8 MMT in the corresponding period of last fiscal.
Also Read: Forex Market: Indian rupee moves up against US dollar
Domestic gas production improved by 5.2% to 30,353 mmscm (million standard cubic meter) in April to January from 28,843 mmscm a year ago.
India imported 194.2 MMT of crude oil worth $110.5 billion during this period, against 192.5 MMT valued at $136.2 billion in FY23, the data showed. The country’s import bill for gas came in at $10.9 billion in Apr-Jan, down by 26% from $14.8 billion last year.
India’s import dependency on crude oil in January increased to 88.2% from 87.1% in January 2023. In January, India’s demand for oil products grew by 8.2% on year to 398,000 barrels per day.
Post Your Comments