Domestic production of crude oil rose by 2 percent in August, while imports rose by 6 percent

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Ahmedabad: In August, crude oil production in the country increased by 2.1 percent year-on-year. According to figures released by the Oil Ministry, domestic crude oil production stood at 25 lakh metric tonnes (MMT) in August. Oil and Natural Gas Corporation Limited's production in August was 1.61 mmt, while Oil India produced 0.28 mmt of crude oil, according to Petroleum Planning and Analysis Cell (PPA) data.

Meanwhile, India's crude oil imports in August increased by 6.2 percent compared to the same period last year. In August, the country's net import bill related to oil and gas was $9.3 billion, while crude oil imports were $10.9 billion. LNG worth $1.3 billion was imported during this period. According to official data, the import bill of copper and gas in August 2022 was $11.8 billion.

The average price of Indian basket crude was $86.43 per barrel during August, while the price in July 2023 was $80.37 per barrel and in August 2022 it was $97.40 per barrel. Apart from this, domestic consumption of natural gas in August was 10 percent more than the same period of last year ie 5345 million standard cubic meters.

Domestic production of natural gas also rose 9.3 percent year-on-year in August to 3166 mmscm. Total production of natural gas in the current financial year till August was 14,852 million standard cubic meters, which is 3.6 percent higher than the same period last year.

India's LNG imports rose to 2,234 million standard cubic meters in August, up 10.1 percent from the same period last year. Total imports in the current financial year till August stood at 12,215 mmscm with an increase of 3.5%.

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