Domestic crude oil output slips 4%

23 May 2023 , 10:32 AM

According to data from the oil ministry released on Monday, there was a 4% decrease in domestic crude oil production and a 3% drop in natural gas output in April compared to the same period last year.

In a comparison with the previous year, Oil and Natural Gas Corp (ONGC) experienced a 6% decline in crude oil production, whereas Oil India Ltd and private sector producers maintained relatively stable output. India has been facing challenges in reversing the decline in crude oil production due to matured fields and limited major discoveries in recent years.

ONGC also reported a 6% decline in natural gas production in April compared to the year-ago period. Oil India and other private players reported a 3% surge in output.

As per the report, domestic consumption of natural gas increased by 1%, while imports jumped 6.5% in April.

In April, India saw an increase in natural gas imports, amounting to $1.4 billion compared to $1.3 billion in the corresponding period of the previous year. However, crude oil imports witnessed a significant decline, dropping to $10.8 billion from $16.8 billion in the same month last year. This decline can be attributed to lower volumes as well as reduced prices.

In terms of volume, India’s crude oil imports experienced an 8% decrease in April. Additionally, there was a 1% decline in the production of petroleum products, accompanied by a 0.2% decrease in consumption.

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