India’s crude oil refinery output fell by 11.22 per cent in financial year 2020-2021 as the first wave of Covid-19 and subsequent demand destruction due to lockdowns pulled down domestic consumption. According to data shared by the Ministry of Petroleum and Natural Gas, cumulative production of petroleum products by refineries during April-March 2020-21 stood at 229.22 million tonnes (mt). This stood at 258.18 mt in the April-March 2019-20 period.
Domestic crude oil and natural gas production also took a hit. But this is largely in line with the broader trend of declining hydrocarbon output every year. The lower crude oil and natural gas output is mostly attributed to ageing fields that continually produce less output.
