India Crude Oil

India's crude oil production fell 1 per cent in April after lower output from fields operated by the private sector wiped away gains by state-owned firms such as ONGC, official data showed Tuesday.

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India's crude oil production fell to 2,511.66 thousand metric tonnes (TMT) in January 2022, which is 2.40 per cent lower than the output registered during the same month last year

India's crude oil imports in January fell from one-year highs hit in the previous month, though fuel demand is expected to recover as several states ease Covid restrictions after a decline in cases.

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Crude oil imports in April were at 18.26 million tonnes, although on a yearly basis they rose about 10.3%, data on the website of the Petroleum Planning and Analysis Cell (PPAC) showed on Thursday

This was primarily due to a sharp drop in output at Rajasthan oilfields operated by private sector Cairn Vedanta

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India is second biggest growth driver of primary energy consumption in the world, behind China.

The cumulative crude oil production during 2019-20 was 32.1 million tonne, 5.95 per cent lower than production of 34.2 mt during the corresponding period of last year

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The world's third-largest energy consumer is 83 per cent dependent on imports to meet its oil needs and about half its gas needs are shipped from abroad