Indian Crude Oil Production Slumped in October

SEATTLE (Oil Monster): According to the most recent data published by the Petroleum Planning and Analysis Cell (PPAC), India's production of crude oil and condensate fell by 4% in October of this year. A total of 2.3 million metric tons (MMT) were produced during the month. With an output of 1.6 MMT, the Oil and Natural Gas Corporation (ONGC) was the biggest producer.

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The nation's crude oil refineries performed well during the month, according to PPAC data. There was a noticeable increase in refining capacity. Crude oil processing totaled 21.3 MMT, a 4.4% increase over the same month the previous year. According to the report, public sector and joint venture refineries handled the majority of these. Furthermore, much of the crude utilized for processing came from outside the country.

With an output of 23 MMT, up 5.3% from October 2023, the petroleum product sector had robust development. Fractionators contributed 0.3 MMT to the total output, while refineries contributed 22.7 MT.

The crude oil imports were up by 4.2% during the month. The imports during April-October ’24 increased by 3.5%.

In October, imports of petroleum products decreased by a slight 2.2%. During the first seven months of the current fiscal year, imports increased by 7.7%. Meanwhile, exports of petroleum products had robust performance in October and April until October 24.