India’s Crude Oil and Petroleum Product Production and Trade
In August 2024, India experienced a decline of 3.4% in indigenous crude oil and condensate production, amounting to 2.4 million metric tonnes (MMT), according to the Petroleum Planning and Analysis Cell (PPAC). Oil India Limited (OIL) contributed 0.3 MMT, while the Oil and Natural Gas Corporation (ONGC) produced 1.6 MMT. An additional 0.5 MMT of production was recorded under production sharing contracts/revenue sharing contracts (PSC/RSC).
Meanwhile, the total crude oil processed in India during the same timeframe 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 remaining 1.9 MMT of crude oil processed was indigenous, while 19.6 MMT was imported.
Despite the monthly declines, there was an overall growth of 1.3% in total crude oil processed from April to August FY 2024-25 compared to the same period in the previous fiscal year.
Production and Trade of Petroleum Products
In terms of petroleum product outputs, production in August 2024 saw a 1% decrease, totaling 22.7 MMT. Refineries accounted for 22.4 MMT, while fractionators contributed the remaining 0.3 MMT.
From April to August FY 2024-25, petroleum product production increased by 1.8% compared to the previous year.
Crude Oil and Petroleum Product Trade
Crude oil imports in India rose by 6.4% in August 2024 and by 3.3% from April to August FY 2024-25. On the other hand, petroleum, oil, and lubricant (POL) product imports decreased by 1.4% in August but increased by 8.6% over the first five months of the fiscal year.
The increase in POL product imports was primarily driven by higher imports of liquefied petroleum gas (LPG), petcoke, and lubricants/oil base stocks (LOBS).
In contrast, exports of POL products experienced 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).
Overall, India’s crude oil and petroleum product production and trade have experienced some fluctuations in recent months. While there has been a decline in production and exports, there has also been an increase in crude oil imports and POL product imports. These trends highlight the dynamic nature of India’s energy sector, influenced by both domestic production figures and global market conditions.
