India's crude oil output up 0.7% to 2.5 MMT in January, imports rise 5.7% YoY: PPAC

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Oil India Limited (OIL) and and private sector producers contributed 0.3 MMT and 0.6 MMT, data released by the Oil Ministry showed. Crude oil imports increased by 5.7 per cent and 0.9 per cent during January 2024 and April-January 2023-24 respectively, compared to the corresponding period of the previous year. The net import bill for oil and gas was $11.7 billion in January 2024 compared to $10.6 billion in January 2023, according to PPAC.

Out of this, crude oil imports constitutes $12.1 billion, liquified natural gas (LNG) imports $1.1 billion and the exports were $3.5 billion during January 2024, the data showed. The Indian basket crude price averaged $79.22/bbl during January 2024 compared to $77.42/bbl during December 2023 and $80.92 /bbl during January 2023. The price of Brent Crude averaged $80.32/bbl during January 2024 compared to $77.91/bbl during December 2023 and $82.78/bbl during January 2023.

The production of petroleum products was 23 MMT during January 2024 which is four per cent higher than December 2022. Out of above 24.5 MMT, 24.2 MMT was from refinery production and 0.3 MMT was from fractionator. There was a growth of 4.9 per cent in production of petroleum products in April December FY 2023 – 24 compared to same period of FY 2022 – 23.