+
India's crude oil imports rise 6.4% amid falling domestic production
OIL & GAS

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

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.

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.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code