India’s domestic crude oil production declined by 2.7 percent to 2.4 million metric tonnes (MMT) in June 2024 compared to the same month the previous year, according to the latest report from the Petroleum Planning and Analysis Cell (PPAC). The report indicates that Oil India Limited (OIL) contributed 0.3 MMT, while Oil and Natural Gas Corporation (ONGC) recorded 1.6 MMT. Fields under Production Sharing Contracts (PSC) or Revenue Sharing Contracts (RSC) produced 0.5 MMT.
Despite the decrease in crude oil production, refineries processed a total of 22.2 MMT of crude oil in June, showing a growth of 3.1 percent. This included 15.1 MMT processed by PSU and joint venture refiners, and 7.1 MMT by private entities. Out of the total crude processed, 2.1 MMT was domestically sourced while 20.1 MMT was imported.
Production of petroleum products decreased by 1.5 percent to 22.7 MMT in June 2024, consisting of 22.4 MMT from refinery output and 0.3 MMT from fractionators. However, there was a 1.5 percent growth in petroleum product production during the April-June quarter of FY 2024-25 compared to the same period last fiscal year.
The report also noted fluctuations in trade, with a 5.6 percent decrease in crude oil imports in June 2024, though there was a 2.9 percent increase during the April-June quarter of FY 2024-25 compared to the previous year. Imports of petroleum products (POL) decreased by 3.1 percent in June but increased by 6.5 percent in the first quarter, primarily due to higher imports of liquefied petroleum gas (LPG) and petcoke.
Exports of POL products saw a slight decline of 0.6 percent in June but increased by 2.1 percent during the April-June quarter, driven mainly by rising exports of petcoke, fuel oil, and aviation turbine fuel.
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