India suffered a double blow amid boiling in crude oil | India suffered a double blow amid boiling in crude oil, oil production decreased

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Boiling in crude oil...- India TV Paisa
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India suffered a double blow amid boiling in crude oil, oil production decreased

Highlights

  • Crude oil production in India continued to decline in December 2021
  • The country’s crude oil production has declined by about two percent.
  • ONGC produced 16.5 lakh tonnes of crude in December

New Delhi. While crude oil prices are touching the sky in the global market, India has suffered a double blow. Crude oil production in India continued to decline in December 2021 as well. The country’s crude oil production has declined by about two per cent due to reduced production of state-owned ONGC.

This information has been received from official figures. Petrol and diesel are made by refining crude oil. Crude oil production stood at 25.1 lakh tonnes in December, 2021, which is lower than the target of 25.5 lakh tonnes and 26 lakh tonnes a year ago. However, this is higher than the production of 24.3 lakh tonnes in November, 2021.

India’s largest oil producer Oil and Natural Gas Corporation (ONGC) produced 1.65 million tonnes of crude in December, a decline of three per cent. However, Oil India Ltd’s production rose by 5.4 per cent to 2,54,360 tonnes.

Due to less domestic supply than demand, India has to meet 85 percent of its crude oil requirement from imports. In the first nine months (April-December) of the current financial year, crude oil production fell by 263 per cent to 22.3 million tonnes. ONGC’s production declined by four per cent to 14.6 million tonnes.

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