India's crude oil production surges in Sept 2023, reaches 2.4 MMT

In September 2023, India's crude oil production exhibited consistent growth, reaching a total of 2.4 million metric tonnes (MMT), as per data disclosed by the Petroleum Planning & Analysis Cell (PPAC). The primary contributor to this production surge was the Oil and Natural Gas Corporation (ONGC), responsible for 1.5 MMT, followed by Oil India Limited (OIL) with 0.287 MMT, and private sector producers, adding 0.60 MMT to the overall output. During the same period, crude oil imports in India rose by 6.1%, aligning with the 0.4% growth observed from April to September 2023 compared to the previous year. Market prices also saw an increase, with the Indian basket crude averaging at $93.54/bbl in September 2023, up from $86.43/bbl in August 2023. Additionally, the production of petroleum products in September 2023 reached 21.5 MMT, marking a 5.5% increase from September 2022. This comprised 21.2 MMT from refinery production, with the remaining output coming from fractionator operations. Furthermore, imports of petroleum, oil, and lubricant (POL) products surged by 26.2% in September 2023. This spike was primarily attributed to increased imports of materials like bitumen, petcoke, fuel oil, and motor spirit. These statistics underscore India's on-going efforts to enhance its energy security amid global market fluctuations, with major players like ONGC and OIL playing pivotal roles in this strategic initiative.