India's crude oil imports rise 6.4% amid falling domestic production

24 Sep 2024 CW Team

India's reliance on imported crude oil intensified in August, with a notable increase of 6.4% compared to the same month the previous year. In contrast, domestic oil production decreased by 2.9%, as reported by the Petroleum Planning & Analysis Cell (PPAC) under the Ministry of Petroleum & Natural Gas. This trend highlights the growing pressures on India's energy security amid rising global oil prices.

The report revealed that the total net import bill for oil and gas rose to $11.4 billion in August 2024, up from $9.0 billion in August 2023. The primary drivers of this increase were higher imports of liquefied petroleum gas (LPG), petcoke, and lubricants. During the April-August period of FY 2024-25, crude oil imports also experienced a 3.3% rise, indicating a growing demand as the economy recovers.

On the domestic front, oil and gas production encountered challenges, with Oil India (OIL) and Oil and Natural Gas Corporation (ONGC) reporting lower outputs. This resulted in a 2.9% decrease in indigenous crude oil and condensate production for August 2024. This decline reflects an on-going struggle to enhance domestic output, which is essential for decreasing dependence on unstable global markets.

The refining sector mirrored this downturn, showing a 1.9% decrease in total crude oil processed in August 2024 compared to the previous year. However, despite this monthly decline, the sector recorded a slight 1% increase in processed crude from April to August 2024 compared to the same period last year, suggesting a tentative recovery in refining operations.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..