India’s indigenous crude oil and condensate production in March 2024 reached 2.5 million metric tons (MMT), marking a 2.02% increase from March 2023, according to data from the Petroleum Planning and Analysis Cell (PPAC). Oil India Limited (OIL) reported production of 0.3 MMT, Oil and Natural Gas Corporation (ONGC) produced 1.6 MMT, and production under Production Sharing Contracts (PSC) and Revenue Sharing Contracts (RSC) totaled 0.6 MMT.
In the same period, total crude oil processed by Indian refineries was 23.4 MMT, a 1.6% increase compared to March 2023. Public Sector and Joint Venture (PSU/JV) refiners processed 16.1 MMT, while private refiners handled 7.3 MMT. Indigenous crude oil accounted for 2.4 MMT of the total processed, with the remaining 21.0 MMT being imported crude.
Despite the increased processing, crude oil imports in March 2024 fell by 4.4% compared to the same month the previous year, with the net import bill for oil and gas climbing to $10.7 billion from $9.8 billion in March 2023. Of the total imports, crude oil imports were valued at $11.6 billion, and liquefied natural gas (LNG) imports at $1.1 billion. Exports for the month stood at $4.0 billion.
The average price of Brent crude was $85.48 per barrel in March 2024, up from $78.56 per barrel in March 2023. The Indian basket crude price also saw an increase, averaging $84.49 per barrel in March 2024 compared to $78.54 per barrel in the previous year.
The production of petroleum products was reported at 24.9 MMT in March 2024, a 1.5% increase from March 2023. Of this, 24.6 MMT came from refinery production, and 0.3 MMT from fractionators. The report also highlighted a 3.6% growth in petroleum product production for the fiscal year April 2023 to March 2024 compared to the previous fiscal year.
Imports and exports of petroleum oil and lubricants (POL) products also saw shifts. POL product imports decreased by 8.5% in March 2024 but increased by 7.8% for the fiscal year. Conversely, exports of POL products decreased by 11.7% in March but increased by 1.9% over the fiscal year.
Domestic consumption of petroleum products during the fiscal year reported a 4.6% growth, reaching 233.3 MMT, driven by significant increases in the consumption of motor spirit (MS), high-speed diesel (HSD), aviation turbine fuel (ATF), and naphtha. However, March 2024 saw a 0.6% decline in petroleum product consumption compared to March 2023.
Ethanol blending with petrol reached 12.8% in March 2024, with a cumulative blend rate of 12.0% from November 2023 to March 2024.
Natural gas consumption in March 2024 was 5594 million standard cubic meters (MMSCM), a 2.9% increase from the previous year. The cumulative consumption for the fiscal year was 66634 MMSCM, up 11.1% year-over-year. Natural gas production also grew, with March 2024 seeing a 6.2% increase. LNG imports for the month were slightly down by 1.1%, although the cumulative imports for the year rose by 17.5%.
