India's crude oil output falls 3.4% in August as imports increase
OIL & GAS

India's crude oil output falls 3.4% in August as imports increase

India's indigenous crude oil and condensate production experienced a decline of 3.4% in August 2024, amounting to a total of 2.4 million metric tonnes (MMT), as reported by the Petroleum Planning and Analysis Cell (PPAC). The state-run Oil India Limited (OIL) contributed 0.3 MMT, while the Oil and Natural Gas Corporation (ONGC) produced 1.6 MMT. Additionally, production under production sharing contracts/revenue sharing contracts (PSC/RSC) was recorded at 0.5 MMT.

During the same timeframe, the total crude oil processed nationwide reached 21.5 MMT, indicating a 1.9% decrease compared to August 2023. Public Sector Undertakings (PSUs) and Joint Ventures (JVs) processed 14.3 MMT, while private refiners handled 7.2 MMT of crude oil. The indigenous crude oil processed amounted to 1.9 MMT, with the remaining 19.6 MMT being imported.

Despite these monthly declines, there was an overall growth of 1.3% in total crude oil processed from April to August FY 2024-25 in comparison to the same period in the previous fiscal year.

In terms of petroleum product outputs, production in August 2024 saw a 1% decrease, totalling 22.7 MMT. Refineries produced 22.4 MMT, while fractionators accounted for the remaining 0.3 MMT. However, from April to August FY 2024-25, petroleum product production increased by 1.8% compared to the previous year.

Regarding petroleum product trade, crude oil imports rose by 6.4% in August 2024 and by 3.3% from April to August FY 2024-25. Conversely, POL product imports decreased by 1.4% in August but increased by 8.6% over the first five months of the fiscal year, primarily due to higher imports of LPG, petcoke, and lubricants/oil base stocks (LOBS).

Exports of POL products saw a notable decline, dropping by 13.7% in August 2024 and by 2.8% from April to August FY 2024-25. This decrease was largely attributed to reduced exports of high-speed diesel (HSD), vacuum gas oil (VGO), and motor spirit (MS).

India's indigenous crude oil and condensate production experienced a decline of 3.4% in August 2024, amounting to a total of 2.4 million metric tonnes (MMT), as reported by the Petroleum Planning and Analysis Cell (PPAC). The state-run Oil India Limited (OIL) contributed 0.3 MMT, while the Oil and Natural Gas Corporation (ONGC) produced 1.6 MMT. Additionally, production under production sharing contracts/revenue sharing contracts (PSC/RSC) was recorded at 0.5 MMT. During the same timeframe, the total crude oil processed nationwide reached 21.5 MMT, indicating a 1.9% decrease compared to August 2023. Public Sector Undertakings (PSUs) and Joint Ventures (JVs) processed 14.3 MMT, while private refiners handled 7.2 MMT of crude oil. The indigenous crude oil processed amounted to 1.9 MMT, with the remaining 19.6 MMT being imported. Despite these monthly declines, there was an overall growth of 1.3% in total crude oil processed from April to August FY 2024-25 in comparison to the same period in the previous fiscal year. In terms of petroleum product outputs, production in August 2024 saw a 1% decrease, totalling 22.7 MMT. Refineries produced 22.4 MMT, while fractionators accounted for the remaining 0.3 MMT. However, from April to August FY 2024-25, petroleum product production increased by 1.8% compared to the previous year. Regarding petroleum product trade, crude oil imports rose by 6.4% in August 2024 and by 3.3% from April to August FY 2024-25. Conversely, POL product imports decreased by 1.4% in August but increased by 8.6% over the first five months of the fiscal year, primarily due to higher imports of LPG, petcoke, and lubricants/oil base stocks (LOBS). Exports of POL products saw a notable decline, dropping by 13.7% in August 2024 and by 2.8% from April to August FY 2024-25. This decrease was largely attributed to reduced exports of high-speed diesel (HSD), vacuum gas oil (VGO), and motor spirit (MS).

Next Story
Infrastructure Transport

India’s Maha Kumbh of Road Construction

The RAHSTA Forum 2025, held on June 25 at Courtyard by Marriott, Mumbai, delivered powerful insights and dialogue on the future of India’s roads and highways sector. Organised by the FIRST Construction Council, the Forum served as the curtain-raiser to the much-anticipated RAHSTA Expo 2025, set to take place on 3rd and 4th September at the Jio Convention Centre, Mumbai.Union Minister of Roads Transport & Highways Shri Nitin Gadkari, while appreciating the efforts of FIRST Construction Council and ASAPP Info Global Group, commended the awards which recognise excellence across various..

Next Story
Real Estate

Built to Last, Designed to Impress

The construction and interior design industries stand at the confluence of functionality and aesthetics, where innovation powers the creation of enduring structures and inspiring spaces. At the heart of this process are materials and solutions that enable architects, designers, and builders to realise their visions with precision and reliability.Featuring iconic brands such as Fevicol—synonymous with adhesive solutions—Dr. Fixit, a complete waterproofing system renowned for addressing every critical area of construction, and Roff, a specialist in tile-fixing solutions, Pidilite has earned ..

Next Story
Infrastructure Energy

New Push to Cut India’s Air Pollution through Power Sector Reforms

In a significant stride toward environmental sustainability, Cummins India introduced CPCB IV+ compliant gensets to India on July 5, 2023, marking a paradigm shift in the power generation industry. These generators are engineered to adhere to the progressive emission norms set by the Ministry of Environment, Forest, and Climate Change. Being the first sets in the field, they have garnered praise for their remarkable achievements in emissions reduction and cutting-edge technology. Powerica, with its four-decade-long partnership with Cummins India Limited, is dedicated to consistently deliver th..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?