India's crude oil output up 1.3% to 2.5 MMT in October, imports rise after four months of declines: 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. India's crude oil imports rose in October, after falling in the previous four months, as the world's third biggest oil importer and consumer shipped in more fuel to meet winter demand. According to PPAC data, crude oil imports increased by 2.2 per cent and by 0.6 per cent during October 2023 and April-October 2023 respectively, compared to the corresponding period of the previous year.

Also Read: Crude below $80/barrel to support OMCs in near-term; ONGC, Oil India key beneficiaries of high prices The net import bill for oil and gas was $11.8 billion in October 2023 compared to $11.9 billion in October 2022. Out of this, crude oil imports constitutes $11.7 billion, liquified natural gas (LNG) imports were $1.2 billion and the exports were $3.6 billion during October 2023. The Indian basket crude price averaged $90.08/bbl during October 2023 compared to $93.54/bbl during September 2023 and $90.70/bbl during October 2022.

The price of Brent Crude averaged d $91.05/bbl during October 2023 compared to $94.00/bbl during September 2023 and $93.33/bbl during October 2022. The production of petroleum products was 21.8 MMT during October 2023 which is 4.2 per cent higher than October 2022. Out of above 21.5 MMT, , 21.5 MMT was from refinery production and 0.3 MMT was from fractionator.