Domestic crude oil production down by 1.7% in FY 23

20 Apr 2023 , 10:42 AM

According to data from the oil ministry, domestic crude oil production decreased 1.7% in 2022–2023 compared to the prior year, but demand for petroleum products increased 10.2% within the same time frame.

In March, the annual rate of crude production decreased by 2.8%. The cost of importing petroleum into India increased from $121 billion to $158 billion in 2022–2023 alone. Crude imports rose 9.4% in volume terms to 232.4 million metric tonnes in 2022–23. The nation’s reliance on imports increased to 87.3% in 2022–2023 from 85.5% the year before.

In March, domestic refiners processed 3% more crude oil than they did in the corresponding month in 2022. For the entire year, the amount of crude processed increased by 5.6%.

During 2022–2023, the production of petroleum products climbed by 4.8%, while their imports rose by 11.7% during the same time frame. During the year, exports of petroleum products decreased by 4.1%.

In 2022–2023, the demand for petroleum products increased by 10.2%, driven mostly by increases in petrol (13.4%), diesel (12%), and aviation turbine fuel (47%) prices. In March, there was a 5% increase in petroleum product usage.

Natural gas production increased by 2.4% in March and by 1.3% from 2022 to 2023.

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