Crude oil production of India drips by 2.7% in June

24 Jul 2024 CW Team

India's domestic crude oil production decreased by 2.7% to 2.4 million metric tonnes (MMT) in June 2024 compared to the same month last year, according to the latest report by the Petroleum Planning and Analysis Cell (PPAC).

Key Production Figures: - Oil India Limited (OIL): 0.3 MMT - Oil and Natural Gas Corporation (ONGC): 1.6 MMT - Production Sharing Contracts (PSC) or Revenue Sharing Contracts (RSC) fields: 0.5 MMT

Despite the decline in crude oil production, refinery processing of crude oil increased by 3.1%, reaching 22.2 MMT in June. This included 15.1 MMT processed by public sector undertakings (PSU) and joint venture (JV) refiners, and 7.1 MMT by private entities. Out of the total crude processed, 2.1 MMT was sourced domestically, while 20.1 MMT was imported. Petroleum product production decreased by 1.5% to 22.7 MMT in June 2024. This included 22.4 MMT from refinery output and 0.3 MMT from fractionators. However, the April-June quarter of FY 2024-25 saw a slight growth of 1.5% in petroleum product production compared to the same period last fiscal year.Crude oil imports decreased by 5.6% in June 2024 but increased by 2.9% in the April-June quarter of FY 2024-25 compared to the previous year. Petroleum product imports decreased by 3.1% in June but increased by 6.5% in the first quarter, driven by higher imports of liquefied petroleum gas (LPG) and petcoke. The exports of POL products show a slight decrease by 0.6% in June but increased by 2.1% during the April-June quarter, with rising exports primarily attributed to petcoke, fuel oil, and aviation turbine fuel. (Source: ET)

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