CRUDE OIL PRODUCTION DROPS 6.3% IN MAY

Crude Oil Production has dropped

According to Petroleum and Natural Gas Ministry data, crude oil output slipped 6.3% in May. In contrast, Natural gas production increased 19%. CRUDE OIL PRODUCTION DROPS 6.3% IN MAY

The total output decline was primarily caused by a 9.6% drop in ONGC. Oil India’s output reduced by 2.1%, while private investors’ fields production rose by 0.7%.

Due to its ageing fields, ONGC is facing a natural drop in production. In May, the Taukte cyclone hit the Arabian sea and deranged the ONGC operation on the Mumbai coast, which affected oil and gas production. Crude oil imports increased by  18% in May as compared to last year. The import of refined products decreased 26%; similarly, their export decreased 2%. As the pandemic restricted mobility and economic activity in May, the total usage of petroleum products in India fell by 1.5%

 

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