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India’s crude oil production crossed 2.4 MMT in June

New Delhi: Crude oil production in India crossed  2.43 million metric tonnes (MMT) in June 2023. It was at  2.4 MMT in the year-ago period. Data released by the Petroleum Planning & Analysis Cell (PPAC) revealed this. In May, India produced a total of 2.5 MMT of crude oil, compared to 2.6 MMT in the year-ago period.

Out of 2.5 MMT, Oil and Natural Gas Corporation (ONGC) produced 1.6 MMT of crude oil while Oil India Limited (OIL) and private sector producers contributed 0.27 MMT and 0.56 MMT.

Crude oil imports increased by 0.6% and decreased by 1.2% during June 2023 and April-May 2023 respectively, compared to the corresponding period of the previous year. The net import bill for oil and gas was $9.5 billion in June 2023. It was at $13 billion in June 2022.

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Out of this, the crude oil imports constitutes $10 billion, liquified natural gas (LNG) imports stood at $1.4 billion and the exports were $3.5 billion during June 2023.

The production of petroleum products came in 23.1 MMT during June 2023 which is 4.6% cent higher than June 2022, where 22.8 MMT was from refinery production and 0.3 MMT was from fractionator.

India is dependent on imports to meet over 85% of its crude oil requirements and around 50% of its natural gas requirements.



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