India’s dependence on imports increases: Crude oil, natural gas output falls

NEW DELHI: Domestic production of crude oil and natural gas has fallen by 6% and 1.5%, respectively, in the first half of the current fiscal year, further increasing dependence on imports to meet rising demand.

India’s oil demand growth too has slowed to 1.4% in the April-July period, compared to 3.5% in the same period last year, but a sharper decline in production has increased reliance on imports. Foreign oil made up 84.5% of the country’s needs in six months to September, up from 83.3% a year earlier. Imported gas accounted for 51.2% of local needs, higher than 48.7% in the first half of last fiscal year.