In October 2023, India’s crude oil production reached 2.5 million metric tons (MMT), marking a 1.3% increase from the same period last year, according to data from the Petroleum Planning and Analysis Cell (PPAC). Among the contributors, the Oil and Natural Gas Corporation (ONGC) produced 1.6 MMT, while Oil India Limited (OIL) and private sector producers contributed 0.3 MMT and 0.6 MMT, respectively.
Crude oil imports in October rose by 2.2%, reversing a four-month decline, meeting heightened winter demand. The data indicates a 0.6% increase in imports during April-October 2023 compared to the corresponding period in the previous year.
The net import bill for oil and gas in October 2023 was $11.8 billion, slightly lower than the $11.9 billion recorded in October 2022. Crude oil imports constituted $11.7 billion, with liquefied natural gas (LNG) imports at $1.2 billion and exports at $3.6 billion for October 2023.
The Indian basket crude price averaged $90.08/bbl in October 2023, down from $93.54/bbl in September 2023 and $90.70/bbl in October 2022. The price of Brent Crude averaged $91.05/bbl in October 2023, compared to $94.00/bbl in September 2023 and $93.33/bbl in October 2022.
Petroleum product production totalled 21.8 MMT in October 2023, a 4.2% increase from October 2022. Of this, 21.5 MMT came from refinery production, and 0.3 MMT came from fractionator production. Meanwhile, natural gas consumption, including internal consumption, reached 5,447 MMSCM in October 2023, a 13.4% increase from the same month in the previous year.
Cumulative natural gas consumption for the current financial year until October was 38,368 MMSCM, an 8.8% increase compared to the corresponding period in the previous year. LNG imports in October 2023 were 2,337 MMSCM, showing an 18.2% increase from the same month in the previous year. The cumulative LNG import for the current financial year until October 2023 was 17,753 (P) MMSCM, a 13.4% increase compared to the corresponding period in the previous year.
As reported by mint, gross production of natural gas increased by 9.3% to 3,161 MMSCM in October, contributing to a cumulative gross production of 21,040 MMSCM for the current financial year until October, a 4.8% increase compared to the corresponding period in the previous year.
