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

24 Sep 2024 CW Team

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).

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