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Business News/ Economy / India's crude oil output up 0.7% to 2.5 MMT in January, imports rise 5.7% YoY: PPAC
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India's crude oil output up 0.7% to 2.5 MMT in January, imports rise 5.7% YoY: PPAC

Crude oil imports increased by 5.7 per cent and 0.9 per cent during January 2024 and April-January 2023-24 respectively, compared to the corresponding period of the previous year.

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

India produced a total of 2.5 million metric tonnes (MMT) of crude oil in January 2024 - registering a growth of 0.7 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 5.7 per cent and 0.9 per cent during January 2024 and April-January 2023-24 respectively, compared to the corresponding period of the previous year. The net import bill for oil and gas was $11.7 billion in January 2024 compared to $10.6 billion in January 2023, according to PPAC. 

Out of this, crude oil imports constitutes $12.1 billion, liquified natural gas (LNG) imports $1.1 billion and the exports were $3.5 billion during January 2024, the data showed.

The Indian basket crude price averaged $79.22/bbl during January 2024 compared to $77.42/bbl during December 2023 and $80.92 /bbl during January 2023. The price of Brent Crude averaged $80.32/bbl during January 2024 compared to $77.91/bbl during December 2023 and $82.78/bbl during January 2023.

Also Read: Oil remains range-bound as rate cut hopes fade away: Here's how US Fed policy decision affects prices

The production of petroleum products was 23 MMT during January 2024 which is 4.3 per cent lower than January 2023. Out of above 24.5 MMT, 22.7 MMT was from refinery production and 0.3 MMT was from fractionator. There was a growth of 3.9 per cent in production of petroleum products in April January FY 2023 – 24 compared to same period of FY 2022 – 23.

India's fuel consumption rose 8.2 per cent year-on-year in January 2024, helped by strong industrial activity in the world's third largest oil consumer. The total consumption, a proxy for oil demand, totalled 20.04 million tonnes in January, up from 18.51 million tonnes a year earlier, according to government data.

On the other hand, natural gas consumption (including internal consumption) for January 2024 stood at 5,494 MMSCM (million metric standard cubic meters), which was 14 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 January 2024 stood at 55,074 MMSCM, which was higher by 10 per cent compared with the corresponding period of the previous year.

In addition, LNG import for January 2024 was 2,410 MMSCM which was 26 per cent higher than the corresponding month of the previous year. The cumulative import of 25,305(P) MMSCM for the current financial year till January 2024 was higher by 15 per cent compared with the corresponding period of the previous year.

The gross production of natural gas increased by six per cent at 3,139 MMSCM in January from last year. The cumulative gross production of natural gas was 30 353 MMSCM for the current financial year till January, higher by five 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 December 2023, India produced a total of 2.5 million metric tonnes (MMT) of crude oil - registering a de growth of 1.03 per cent compared to the year-ago period. The net import bill for oil and gas was $10.3 billion in December 2023 compared to $10.2 in January 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: 21 Feb 2024, 07:53 PM IST
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