NEW DELHI: India’s crude oil production fell 2.67% in the fiscal year ending March 31, according to the data released by the petroleum ministry on Wednesday. The reason for lower output is state-owned Oil and Natural Gas Corporation (ONGC) produced less than the target.
Overall crude oil production at 29.69 million tonnes in 2021-22 (April 2020 to March 2022) was 2.63% lower than the 30.5 million tonnes output a year back and 11.67% below the target of 33.61 million tonnes.
Oil and Natural Gas Corporation (ONGC) produced 19.45 million tonnes of crude oil in the fiscal FY22, which was 13.82 per cent lower than the target and 3.62 per cent less than the output in the previous fiscal year.
However, the natural gas output rose 18.66% to 34 billion cubic meters in FY22. The increase in the production is due to Reliance Industries Ltd and its partner BP Plc started output from newer fields in the eastern offshore KG-D6 block.
Meanwhile, the Indian Crude Oil Basket price rose to $107.92 per barrel on April 19, 2022, at an exchange rate of Rs. 76.28 against the dollar, compared to $106.03 per barrel on April 18, 2022, at an exchange rate (Rs/$) of Rs. 76.37.
As per the Petroleum Planning and Analysis Cell report, the price of Indian crude was $97.82 per barrel on April 11, 2022, at an exchange rate of (Rs/$) 75.96, indicating a $10.10 per barrel, or 10.32 per cent, rise between April 11 and April 19, 2022.