India’s Crude Oil Production To Decline By Two Percent In December 2022

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Crude Oil Production: Crude oil production in India has continued to decline in December 2021 as well. The country’s crude oil production has declined by about two percent due to the decline in the production of public sector company ONGC. This information has been received from official figures released on Wednesday. Petrol and diesel are made by refining crude oil.

crude oil production in december
Let us tell you that in December 2021, the production of crude oil stood at 25.1 lakh tonnes, which is less 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.

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

Crude oil production fell
Due to less domestic supply than demand, India has to meet 85 percent of its crude oil requirement through imports. In the first nine months (April-December) of the current financial year, crude oil production fell by 2.63 per cent to 22.3 million tonnes. ONGC’s production declined by four per cent to 14.6 million tonnes.

Crude oil reached record level of 7 years
In the international market, there is a continuous increase in the prices of crude oil. After the year 2014, crude oil prices have reached a record level. Crude oil prices have reached a record level of 7 years with $ 87 per barrel. At the same time, there is no change in the prices of petrol and diesel in the domestic market for 74 consecutive days. Even today the prices of petrol and diesel remain stable.

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