Domestic crude oil production at 2.4 MMT in June, import bill declines to $9.5 billion YoY: PPAC
Oil India Limited (OIL) and private sector producers contributed 0.27 MMT and 0.56 MMT, data released by the Oil Ministry showed. Crude oil imports increased by 0.6 per cent and decreased by 1.2 per cent during June 2023 and April-May 2023 respectively, compared to the corresponding period of the previous year.
The net import bill for oil and gas was $9.5 billion in June 2023 compared to $13 billion in June 2022, according to PPAC. Out of this, the crude oil imports constitutes $10 billion, liquified natural gas (LNG) imports stood at $1.4 billion and the exports were $3.5 billion during June 2023, the data showed.
During June 2023, the Indian basket crude price averaged $74.93 per barrel as against $74.98 per barrel during May 2023 and $116.01 per barrel during June 2022. The price of Brent Crude averaged $74.70/bbl during June 2023 as against $75.55/bbl during May 2023 and $123.70/bbl during June 2022.
‘’India's oil products demand fell by 40,000 barrels per day (b/d) on the month in June mainly due to a drop in demand for naphtha and transportation fuels as the month marks the beginning of the monsoon season leading to lower transportation fuel consumption,'' said S&P Global Commodity Insights. ‘’Demand for transportation fuels also decreased on the month in June following a high base achieved in May.
On a year-on-year basis, demand was up by 187,000 b/d, or four per cent,'' added S&P Global. THIS COPY IS BEING UPDATED
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