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India’s crude oil production falls 2.9% in July 2024; petroleum product output sees 7.1% growth
India’s crude oil and condensate production declined by 2.9% in July 2024, registering a total output of 2.4 million metric tonnes (MMT), according to data released by the Petroleum Planning and Analysis Cell (PPAC). The decline is in comparison to July 2023, where production figures were higher. State-owned Oil and Natural Gas Corporation(ONGC) led the production figures with 1.6 MMT, followed by Oil India Limited (OIL) at 0.3 MMT, and Production Sharing Contracts/Revenue Sharing Contracts (PSC/RSC) contributing 0.5 MMT.
In contrast, the total crude oil processed in the country saw a 3.2% rise in July 2024, reaching 22.6 MMT compared to the same period last year. Public sector undertakings (PSUs) and joint venture (JV) refiners processed 15.3 MMT, while private refiners accounted for 7.3 MMT. Of the total processed crude, 2.1 MMT was indigenous, with the remaining 20.5 MMT being imported.
The production of petroleum products saw a significant increase, rising by 7.1% to 24.4 MMT in July 2024 compared to July 2023. Refinery production accounted for 24.1 MMT, while fractionators contributed 0.3 MMT. High-speed diesel (HSD) constituted 42.4% of the total production, followed by motor spirit (15.7%), naphtha (7.3%), aviation turbine fuel (6.1%), and petcoke (5.3%).
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