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Business News/ Economy / India's crude oil output down 1.03% to 2.5 MMT in December, imports rise 1.1% YoY: PPAC
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India's crude oil output down 1.03% to 2.5 MMT in December, imports rise 1.1% YoY: PPAC

Crude oil imports increased by 1.1 per cent and 0.4 per cent during December 2023 and April-December 2023 respectively, compared to the corresponding period of the previous year.

India's domestic domestic crude oil production in December was 2.5 MMT. (Picture Credits: ONGC official website)Premium
India's domestic domestic crude oil production in December was 2.5 MMT. (Picture Credits: ONGC official website)

India produced a total of 2.5 million metric tonnes (MMT) of crude oil in December 2023 - registering a de growth of 1.03 per cent compared to the year-ago period, according to Petroleum Planning & Analysis Cell (PPAC).

Out of 2.5 MMT, Oil and Natural Gas Corporation (ONGC) produced 1.6 MMT of crude oil while Oil India Limited (OIL) and and private sector producers contributed 0.3 MMT and 0.6 MMT, data released by the Oil Ministry showed.

Crude oil imports increased by 1.1 per cent and 0.4 per cent during December 2023 and April-December 2023 respectively, compared to the corresponding period of the previous year. The net import bill for oil and gas was $10.3 billion in December 2023 compared to $10.2 billion in December 2022, according to PPAC.

Also Read: ‘Oil markets well supplied’, says IEA as it raises 2024 global demand forecast; projects lower than OPEC

Out of this, crude oil imports constitutes $11.4 billion, liquified natural gas (LNG) imports $1.1 billion and the exports were $4.2 billion during December 2023, the data showed.

The Indian basket crude price averaged $77.42/bbl during December 2023 compared to $83.46/bbl during November 2023 and $78.10 /bb during December 2022. The price of Brent Crude averaged $77.91/bb during December 2023 compared to $83.18/bbl during November 2023 and $81.12/bbl during December 2022.

The production of petroleum products was 24.5 MMT during December 2023 which is four per cent higher than December 2022. Out of above 24.5 MMT, 24.2 MMT was from refinery production and 0.3 MMT was from fractionator.

There was a growth of 4.9 per cent in production of petroleum products in April December FY 2023 – 24 compared to same period of FY 2022 – 23.

Meanwhile, India's fuel consumption rose to a seven-month high in December to about 20.054 million metric tons, according to PPAC data. The total consumption, a proxy for oil demand, in December rose by 6.2 per cent from 18.89 million tons in November. It was up around 2.6 per cent compared with the same period a year earlier.

On the other hand, natural gas consumption (including internal consumption) for December 2023 stood at 5,472 MMSCM (million metric standard cubic meters), which was 8.9 per cent higher than the corresponding month of the previous year, according to the official data.

The cumulative natural gas consumption for the current financial year till December 2023 stood at 49,540 MMSCM, which was higher by 9.4 per cent compared with the corresponding period of the previous year.

In addition, LNG import for December 2023 was 2,393 MMSCM which was 12.1 per cent higher than the corresponding month of the previous year. The cumulative import of 22,856(P) MMSCM for the current financial year till December 2023 was higher by 14.2 per cent compared with the corresponding period of the previous year.

The gross production of natural gas increased by 6.1 per cent at 3,132 MMSCM in December from last year. The cumulative gross production of natural gas was 27,213 MMSCM for the current financial year till December, higher by 9.4 per cent compared with the corresponding period of the previous year.

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

In November 2023, India produced a total of 2.4 million metric tonnes (MMT) of crude oil - registering a de growth of 0.4 per cent compared to the year-ago period. The net import bill for oil and gas was $11.1 billion in November 2023 compared to $12.3 billion in November 2022, according to PPAC.

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 23 Jan 2024, 08:33 PM IST
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