India produced a total of 2.5 million metric tonnes (MMT) of crude oil in December 2023 – registering a de growth of 1.03 per cent compared to the year-ago period, according to Petroleum Planning & Analysis Cell (PPAC).
Out of 2.5 MMT, Oil and Natural Gas Corporation (ONGC) produced 1.6 MMT of crude oil while Oil India Limited (OIL) and and private sector producers contributed 0.3 MMT and 0.6 MMT, data released by the Oil Ministry showed.
Crude oil imports increased by 1.1 per cent and 0.4 per cent during December 2023 and April-December 2023 respectively, compared to the corresponding period of the previous year. The net import bill for oil and gas was $10.3 billion in December 2023 compared to $10.2 billion in December 2022, according to PPAC.
Out of this, crude oil imports constitutes $11.4 billion, liquified natural gas (LNG) imports $1.1 billion and the exports were $4.2 billion during December 2023, the data showed.
The Indian basket crude price averaged $77.42/bbl during December 2023 compared to $83.46/bbl during November 2023 and $78.10 /bb during December 2022. The price of Brent Crude averaged $77.91/bb during December 2023 compared to $83.18/bbl during November 2023 and $81.12/bbl during December 2022.
The production of petroleum products was 24.5 MMT during November 2023 which is four per cent higher than December 2022. Out of above 24.5 MMT, 24.2 MMT was from refinery production and 0.3 MMT was from fractionator.