Nagaland News Watch

Oil production declines from April to January

<p>According to figures from the Petroleum Planning and Analysis Cell, India’s domestic crude oil output for the first ten months of the current fiscal year was 24.5 million metric tonnes, a little decrease of 0.4% from the same time the previous year. Additionally, the output did not meet the goal of 25.1 MMT for the April–January period.</p>
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<p>Out of this, ONGC’s production decreased by 3% to 15.1 MMT from the previous year. The firm aimed to produce 16.1 million tons. Conversely, Oil India met its goal of producing 2.8 MMT at that time.</p>
<p>Due to the shutdown of the Panna-Mukta offshore platforms for the completion of new crude oil pipelines and the natural fall from its mature fields, ONGC’s crude oil output decreased. The KG 98/2 basin is expected to provide an extra 5-6% to the company’s oil output. ONGC has previously said that it anticipates the basin to reach full production by FY26.</p>
<p>In the meanwhile, compared to 211.4 MMT during the same period previous year, Indian oil refiners processed 217.3 MMT of crude oil at that time. Indian refiners processed a total of 22.6 MMT in January alone, compared to 22.8 MMT during the same time in the previous fiscal year.</p>
<p>From April to January, domestic gas output increased by 5.2% to 30,353 mmscm (million standard cubic meters), up from 28,843 mmscm in the previous year.</p>
<p>According to the statistics, India imported 194.2 MMT of crude oil valued at $110.5 billion during this time, compared to 192.5 MMT valued at $136.2 billion in FY23. From April to January, the nation’s gas import cost was $10.9 billion, a 26% decrease from $14.8 billion in the previous year.</p>
<p>According to the research, India’s reliance on crude oil imports grew to 88.2% in January 2023 from 87.1% in January 2023.</p>
<p>According to S&P Global Commodity Insights, the nation’s oil consumption will increase by over 200,000 barrels per day by 2024. According to a letter from the company, the two biggest drivers to this rise will be gasoline and oil, with respective shares of 33% and 31.5%.</p>
<p>As the county’s general elections are coming up in 2024, it was said that “oil demand is holding up quite well and should continue rising supported by solid economic growth with more focus on industrial and construction activity.”</p>
<p>India’s demand for oil products increased to 398,000 barrels per day in January, up 8.2% year over year due to increased consumption of all products excluding fuel oil.</p>
<p>According to S&P Global Commodity Insight, LPG and gasoline had the largest year-over-year increases as wintertime heating needs grew and transportation increased after the year-end holidays, increasing the use of each fuel.</p>