India’s indigenous crude oil and condensate production for October 2024 totalled 2.3 million metric tonnes (MMT), reflecting a 4% decline compared to the same period last year, according to the Petroleum Planning and Analysis Cell (PPAC). ONGC was the largest contributor to the production, with 1.6 MMT, followed by PSC/RSC at 0.5 MMT and Oil India Ltd. (OIL) at 0.3 MMT. Despite the decrease in domestic production, India’s total crude oil processed by refineries rose by 4.4% year-on-year, reaching 21.3 MMT in October. Public sector and joint venture refiners processed 14 MMT, while private refiners handled 7.3 MMT. Of the total crude processed, 2.1 MMT was indigenous, and 19.2 MMT was imported.

Petroleum production in October 2024 reached 23 MMT, up 5.3% from October 2023. Refinery production contributed 22.7 MMT, with fractionators adding 0.3 MMT. The largest share of petroleum products produced was high-speed diesel (HSD) at 41%, followed by motor spirit (MS) at 16.8%, naphtha at 6.8%, aviation turbine fuel (ATF) at 6.6%, and petcoke at 5.3%. Crude oil imports increased by 4.2% in October 2024 and by 3.5% during the April-October FY 2024-25 period, compared to the previous year. Imports of petroleum products (POL) decreased by 2.2% in October 2024 but saw a 7.7% increase in the April-October FY 2024-25 period. This rise was largely driven by higher imports of petcoke, liquefied petroleum gas (LPG), and lubricants.

Exports of petroleum products saw a notable 12.7% rise in October 2024 and a 4.2% increase during the April-October FY 2024-25 period compared to the previous year. This growth was mainly attributed to higher overseas sales of petcoke/CBFS, fuel oil (FO), motor spirit (MS), and aviation turbine fuel (ATF).

In the April-October FY 2024-25 period, crude oil processing grew by 1.8% year-on-year, while petroleum product production showed consistent growth. The data from PPAC indicates that higher refinery throughput and export growth have partially offset the decline in domestic crude oil production, highlighting India’s increasing dependence on imported crude to meet its energy needs. (ET)