India's crude oil production surges in Sept 2023, reaches 2.4 MMT
OIL & GAS

India's crude oil production surges in Sept 2023, reaches 2.4 MMT

In September 2023, India's crude oil production exhibited consistent growth, reaching a total of 2.4 million metric tonnes (MMT), as per data disclosed by the Petroleum Planning & Analysis Cell (PPAC).

The primary contributor to this production surge was the Oil and Natural Gas Corporation (ONGC), responsible for 1.5 MMT, followed by Oil India Limited (OIL) with 0.287 MMT, and private sector producers, adding 0.60 MMT to the overall output.

During the same period, crude oil imports in India rose by 6.1%, aligning with the 0.4% growth observed from April to September 2023 compared to the previous year. Market prices also saw an increase, with the Indian basket crude averaging at $93.54/bbl in September 2023, up from $86.43/bbl in August 2023.

Additionally, the production of petroleum products in September 2023 reached 21.5 MMT, marking a 5.5% increase from September 2022. This comprised 21.2 MMT from refinery production, with the remaining output coming from fractionator operations.

Furthermore, imports of petroleum, oil, and lubricant (POL) products surged by 26.2% in September 2023. This spike was primarily attributed to increased imports of materials like bitumen, petcoke, fuel oil, and motor spirit.

These statistics underscore India's on-going efforts to enhance its energy security amid global market fluctuations, with major players like ONGC and OIL playing pivotal roles in this strategic initiative.

In September 2023, India's crude oil production exhibited consistent growth, reaching a total of 2.4 million metric tonnes (MMT), as per data disclosed by the Petroleum Planning & Analysis Cell (PPAC). The primary contributor to this production surge was the Oil and Natural Gas Corporation (ONGC), responsible for 1.5 MMT, followed by Oil India Limited (OIL) with 0.287 MMT, and private sector producers, adding 0.60 MMT to the overall output. During the same period, crude oil imports in India rose by 6.1%, aligning with the 0.4% growth observed from April to September 2023 compared to the previous year. Market prices also saw an increase, with the Indian basket crude averaging at $93.54/bbl in September 2023, up from $86.43/bbl in August 2023. Additionally, the production of petroleum products in September 2023 reached 21.5 MMT, marking a 5.5% increase from September 2022. This comprised 21.2 MMT from refinery production, with the remaining output coming from fractionator operations. Furthermore, imports of petroleum, oil, and lubricant (POL) products surged by 26.2% in September 2023. This spike was primarily attributed to increased imports of materials like bitumen, petcoke, fuel oil, and motor spirit. These statistics underscore India's on-going efforts to enhance its energy security amid global market fluctuations, with major players like ONGC and OIL playing pivotal roles in this strategic initiative.

Next Story
Resources

Madhya Pradesh Champions Inclusive Tourism at Heritage Sites

On the occasion of World Heritage Day, Madhya Pradesh is taking a significant step toward inclusive tourism by making its historical sites accessible to all — especially persons with disabilities. The state is rolling out its ‘Accessibility Infrastructure and Development’ project at Maheshwar, Mandu, Dhar, and Orchha, aiming to create a more welcoming experience at these iconic cultural destinations.The initiative, under the leadership of Chief Minister Dr Mohan Yadav and Tourism Minister Shri Dharmendra Bhav Singh Lodhi, includes infrastructure upgrades such as ramps, Braille signage, w..

Next Story
Resources

Runwal Realty Onboards Sonam Kapoor as Brand Ambassador

Real estate major Runwal has unveiled a refreshed identity as Runwal Realty, signalling a renewed commitment to crafting spaces that stand the test of time. With this refresh, the brand unveils its new philosophy: “Building for Generations to Come” and welcomes Bollywood star and global fashion icon Sonam Kapoor as its brand ambassador. This evolved identity reflects Runwal Realty’s commitment to creating not just homes, but heirlooms—crafted through visionary design, meticulous planning, global design expertise and an unwavering focus on quality. With the customer at its core, each de..

Next Story
Infrastructure Urban

Emerging Trends in Infrastructure and Transport 2025: KPMG

KPMG’s latest report, The Great Reset: Emerging Trends in Infrastructure and Transport 2025 edition, sheds light on the profound changes transforming the global infrastructure landscape. As industries adapt to the challenges posed by climate change, economic pressures, and technological advancements, the report identifies key trends and provides actionable insights for leaders in infrastructure and transport sectors. “In today’s interconnected world, the lack of standardized supply chain practices is not just an operational challenge—it’s an environmental and economic one. We’..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?