India's Crude Oil Production Falls, Processing and Imports Rise in May-24

27 Jun 2024 CW Team

India's indigenous crude oil and condensate production fell by 1.1 percent in May 2024, amounting to 2.5 million metric tonnes (MMT), as reported by the Petroleum Planning and Analysis Cell (PPAC). Oil India (OIL) contributed 0.3 MMT, the Oil and Natural Gas Corporation (ONGC) produced 1.6 MMT, and Production Sharing Contracts/Revenue Sharing Contracts (PSC/RSC) provided 0.6 MMT.

Meanwhile, the total crude oil processed during the same month increased by 1.3 percent compared to May 2023, reaching 23.0 MMT. This processing capacity included 15.7 MMT by Public Sector Units (PSU) and Joint Venture (JV) refiners, and 7.3 MMT by private refiners. The data indicated that the processed crude comprised 2.3 MMT of indigenous and 20.7 MMT of imported crude oil.

Additionally, petroleum product production experienced a slight increase of 0.5 percent in May 2024, totaling 24.0 MMT. This growth was mainly due to refinery outputs of 23.7 MMT and a fractionator contribution of 0.3 MMT. Notably, petroleum product production saw a 2.2 percent increase during the April-May FY 2024-25 period compared to the same period in the previous fiscal year. The production breakdown included significant shares of High-Speed Diesel (HSD) at 41.6 percent and Motor Spirit (MS) at 17.2 percent.

International trade figures revealed a 5.7 percent rise in crude oil imports in May 2024, with a 6.0 percent increase during the April-May FY 2024-25 period. However, imports of Petroleum Oil and Lubricants (POL) products decreased by 8.2 percent in May 2024 but increased by 7.1 percent during the April-May period, driven by higher imports of LPG and petcoke. Exports of POL products declined by 0.9 percent in May 2024 but rose by 3.6 percent in the April-May FY 2024-25, bolstered by higher exports of aviation turbine fuel (ATF) and fuel oil.

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