Domestic crude oil production up 2.1% to 2.5 MMT in August, imports rise 6.2% YoY: PPAC
Oil India Limited (OIL) contributed 0.28 MMT and 0.60 MMT, data released by the Oil Ministry showed. Crude oil imports increased by 6.2 per cent and decreased by 0.6 per cent during August 2023 and April-August 2023 respectively, compared to the corresponding period of the previous year.
The net import bill for oil and gas was $9.3 billion in August 2023 compared to $11.8 billion in August 2022, according to PPAC. Out of this, crude oil imports constitutes $10.9 billion, liquified natural gas (LNG) imports $1.3 billion and the exports were $4.9 billion during August 2023, the data showed.
The Indian basket crude price averaged $86.43/bbl during August 2023 compared to $80.37/bbl during July 2023 and $97.40/bbl during August 2022. The price of Brent Crude averaged $86.22/bbl during August 2023 compared to $80.05/bbl during July 2023 and $99.99/bbl during August 2022.
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