New Delhi: Indigenous crude oil and condensate production in October 2024 stood at 2.3 million metric tonnes (MMT), marking a 4% decline compared to the same period last year, according to data from the Petroleum Planning and Analysis Cell (PPAC).
ONGC accounted for the largest share of production at 1.6 MMT, followed by PSC/RSC at 0.5 MMT and Oil India Ltd. (OIL) at 0.3 MMT.
Despite the dip in production, total crude oil processed by Indian refineries in October 2024 increased by 4.4% year-on-year to 21.3 MMT. PSU and JV refiners processed 14 MMT, while private refiners processed 7.3 MMT. Of the total, 2.1 MMT was processed using indigenous crude, while 19.2 MMT was from imported crude oil.
Petroleum product production and imports
Petroleum product output in October 2024 reached 23 MMT, a 5.3% increase compared to October 2023. Refinery production accounted for 22.7 MMT, with the remaining 0.3 MMT coming from fractionators. The breakdown of major petroleum products showed high-speed diesel (HSD) leading at 41%, followed by motor spirit (MS) at 16.8%, naphtha at 6.8%, aviation turbine fuel (ATF) at 6.6%, and petcoke at 5.3%.
Crude oil imports rose by 4.2% in October 2024 and by 3.5% in the April-October FY 2024-25 period compared to the previous year. Imports of petroleum products (POL) decreased by 2.2% in October 2024 but grew by 7.7% during April-October FY 2024-25. This increase was primarily driven by higher imports of petcoke, liquefied petroleum gas (LPG), and lubricants.
Exports on the rise
Exports of petroleum products increased significantly by 12.7% in October 2024 and by 4.2% during the April-October FY 2024-25 period compared to the previous year. The rise in exports was attributed to higher overseas sales of petcoke/CBFS, fuel oil (FO), motor spirit (MS), and aviation turbine fuel (ATF).
Year-to-date trends
For the April-October FY 2024-25 period, crude oil processing showed a growth of 1.8% year-on-year, while the production of petroleum products saw steady growth. PPAC data indicates that improved refinery throughput and higher exports have partially offset the decline in indigenous crude oil production, highlighting India’s growing reliance on imported crude oil to meet its energy demands.
