Apr–Jan sees a decline in oil production

India’s domestic crude oil production for the first ten months of the current fiscal year was 24.5 million metric tonnes, a slight decrease of 0.4% from the same time the previous year. Additionally, the output did not meet the goal of 25.1 for the April–January period.

Out of this, ONGC’s production decreased by 3% to 15.1 from the previous year. The company aimed to produce 16.1 million tons. Conversely, Oil India met its goal of producing 2.8 at that time. Indian refiners processed a total of 22.6 in January alone, compared to 22.8 during the same time in the previous fiscal year. From April to January, domestic gas production increased by 5.2% to 30,353 (million standard cubic meters), up from 28,843 in the previous year.

From April to January, the nation’s gas import cost totaled $10.9 billion, a 26% decrease from $14.8 billion in the previous year. According to the research, India’s reliance on crude oil imports grew to 88.2% in January 2023 from 87.1% in January 2023. India’s demand for oil products increased to 398,000 barrels per day in January, up 8.2% year over year due to increased consumption of all products but fuel oil.

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