India's crude oil production fell about 4 percent in July from a year earlier

Views: 2     Author: Site Editor     Publish Time: 2022-08-24      Origin: Site

India's crude oil production fell 3.8 percent in July from the same month in 2021, as private companies and state-owned Oil and Natural Gas Corporation (ONGC) pumped less crude at some fields.

India's crude oil production fell to 2.45 million tonnes in July from 2.54 million tonnes in July last year, Indian media reported on Tuesday, citing government data from the Ministry of Oil and Gas.

Crude oil production from fields operated by ONGC fell 1.7% in July 2022 due to a decline in production from offshore fields in western India. Oil production from private fields fell 12.34 percent in July from a year earlier, the data showed.

So far this fiscal year, which began in April, India's oil production has fallen only slightly from the same period last year, according to the government.

Refining capacity was very strong in both July and April-July. The capacity utilisation rate of Indian refineries exceeded 100% last month, compared with 91.58% in July 2021. Refinery utilization reached 103.87 per cent in April-July, up from 92.01 per cent in the same period last year. Global refining margins surged in the second quarter of this year on tight supplies and a rebound in fuel demand.


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