India’s indigenous crude oil production decreased by 2.7 percent to 2.4 million metric tonne (MMT) in June 2024 compared to the same month in the previous year, according to the latest report by the Petroleum Planning and Analysis Cell (PPAC).
The report details that Oil India Limited (OIL) contributed 0.3 MMT, Oil and Natural Gas Corporation (ONGC) recorded 1.6 MMT, and fields under Production Sharing Contracts (PSC) or Revenue Sharing Contracts (RSC) produced 0.5 MMT.
Despite a decline in crude oil production, total crude oil processed by refineries in June showed a growth of 3.1 percent, amounting to 22.2 MMT. This includes 15.1 MMT processed by PSU and JV refiners, and 7.1 MMT by private entities. Out of the total crude processed, 2.1 MMT was indigenous and 20.1 MMT was imported.
Petroleum product production saw a decrease of 1.5 percent to 22.7 MMT in June 2024. The figure comprised 22.4 MMT from refinery output and 0.3 MMT from fractionators. However, there was a slight growth of 1.5 percent in petroleum product production in the April-June quarter of FY 2024-25 over the corresponding period last fiscal year.
The report also highlights trade fluctuations, noting a 5.6 percent decrease in crude oil imports in June 2024. However, there was a 2.9 percent increase during the April-June quarter of FY 2024-25 compared to the previous year.
Meanwhile, imports of petroleum products (POL) decreased by 3.1 percent in June, but increased by 6.5 percent in the first quarter, mainly due to higher imports of liquefied petroleum gas (LPG) and petcoke.
As reported by ETEnergyworld.com, exports of POL products slightly decreased by 0.6 percent in June, but increased by 2.1 percent during the April-June quarter, with rising exports attributed mainly to petcoke, fuel oil, and aviation turbine fuel.
