India’s Domestic Crude Oil Production Declines in June 2024
India’s domestic crude oil production witnessed a decline of 2.7% in June 2024 compared to the same month last year, according to a recent report by the Petroleum Planning and Analysis Cell (PPAC). The country produced approximately 2.4 million metric tonnes (MMT) of crude oil during this period.
Key Production Figures:
– Oil India Limited (OIL): 0.3 MMT
– Oil and Natural Gas Corporation (ONGC): 1.6 MMT
– Production Sharing Contracts (PSC) and Revenue Sharing Contracts (RSC) fields: 0.5 MMT
Refinery Processing Increases Despite Decline in Crude Oil Production
Although India experienced a dip in crude oil production, refinery processing of crude oil surprisingly increased by 3.1%. In June, refinery processing reached 22.2 MMT. Out of this figure, public sector undertakings (PSU) and joint venture (JV) refiners accounted for 15.1 MMT, while private entities contributed 7.1 MMT.
Petroleum Product Production Shows Mixed Results
The production of petroleum products declined by 1.5% to 22.7 MMT in June 2024. This value includes 22.4 MMT from refinery output and 0.3 MMT from fractionators. On a positive note, the April-June quarter of FY 2024-25 witnessed a slight growth of 1.5% in petroleum product production compared to the same period last fiscal year.
Crude Oil and Petroleum Product Imports and Exports
Crude oil imports decreased by 5.6% in June 2024. However, for the April-June quarter of FY 2024-25, there was an increase of 2.9% in crude oil imports compared to the previous year. It is worth noting that petroleum product imports, despite registering a 3.1% decline in June, experienced a notable increase of 6.5% during the first quarter. The rise in imports was mainly driven by higher shipments of liquefied petroleum gas (LPG) and petcoke.
Moreover, India’s exports of petroleum, oils, and lubricants (POL) products exhibited a slight decrease of 0.6% in June. However, during the April-June quarter, exports grew by 2.1%. Rising exports were primarily attributed to petcoke, fuel oil, and aviation turbine fuel.
These figures and trends shed light on the fluctuations in India’s crude oil and petroleum production, import, and export sectors. These developments have implications for the country’s energy security and its broader economic outlook. Close monitoring of such trends is crucial for stakeholders to make informed decisions and develop robust strategies within the industry. Sources indicate that fluctuations in oil production and import/export balances can be influenced by various factors, such as global fuel demand, geopolitical developments, and domestic exploration and production activities. Thus, it remains crucial to track these figures closely and analyze their impact on India’s energy landscape moving forward.
