Domestic crude oil production up 2.1% to 2.5 MMT in July, imports decline 6.3% YoY: PPAC
Oil India Limited (OIL) and private sector producers contributed 0.28 MMT and 0.60 MMT, data released by the Oil Ministry showed. Crude oil imports decreased by 6.3 per cent and 2.4 per cent during June 2023 and April-July 2023 respectively, compared to the corresponding period of the previous year. The net import bill for oil and gas was $9.8 billion in July 2023 compared to $15.8 billion in July 2022, according to PPAC.
Out of this, crude oil imports constitutes $10.2 billion, liquified natural gas (LNG) imports $2.1 billion and the exports were $4.1 billion during July 2023, the data showed. The Indian basket crude price averaged $80.37/bbl during July 2023 compared to $74.93/bbl during June 2023 and $105.49 /bbl during July 2022. The price of Brent Crude averaged $80.05/bbl during July 2023 compared to $74.70/bbl during June 2023 and $112.70/bbl during July 2022.
The production of petroleum products was 22.8 MMT during July 2023 which is 3.6 per cent higher than July 2022. Out of above 22.5 MMT, was from refinery production and 0.3 MMT was from fractionator. On the other hand, natural gas consumption (including internal consumption) for July 2023 stood at 5,297 MMSCM (million metric standard cubic meters), which was 4.5 per cent higher than the corresponding month of the previous year, according to the official data.
The cumulative natural gas consumption for the current financial year till July 2023 stood at 21,398 MMSCM, which was higher by 3.9 per cent compared with the corresponding period of the previous year. In addition, LNG import for July 2023 was 2,234 MMSCM which was 1.1 per cent lower than the corresponding month of the previous year. The cumulative import of 9,982(P) MMSCM for the current financial year
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