The price of India’s basket of crude oil dipped 6.6% to US$ 83.56per barrel in May 2024 from April2024. The price of India’s basket of crude oil is up 11.4% in May 2024 from US$ 74.98 per barrel in May 2023. However, the price has dipped 5.6% to US$ 78.90 per barrel in early June 2024.

Crude oil production

India's crude oil production increased 1.6% to 2.42 million tonnes (mt) in April 2024 over April 2023. Crude oil output of ONGC fell1.5% to 1.57 mt, while that of Oil India moved up 5.6% to 0.28 mt. ONGC's offshore output declined3.4% to 1.07 mt, while onshore production increased 2.9% to 0.50 mt. The crude oil production of private and joint venture (JV) companies moved up 9.2% to 0.57 mt in April 2024.

Crude oil output rose increased 0.6% to 29.36 mt in April-March period of the fiscal year ended March 2024 (April-March 2023-24), snapping 1.7% fall recorded in the corresponding period of last year. Output of ONGC dipped 1.5% to 19.21 mt, while that of Oil India moved up 6.0% to 3.34 mt. However, the crude oil production of private companies increased 4.2% to 6.80 mt in April-March 2023-24 over April-March 2022-23.

Crude oil refinery output

India's crude oil refinery output increased 3.9% to 23.09 mt in April 2024 over April 2023. The output of public sector refineries increased 2.7% to 13.02 mt, while the output of private refineries moved up 5.7% to 10.07 mt in April 2024.

Among public refineries, the output of Indian Oil Corporation jumped 3.1% to 6.02 mt, Chennai Petroleum Corporation 1.7% to 0.82 mt and Bharat Petroleum Corporation 4.0% to 3.28 mt, while that of Numaligarh Refineries rose 3771.8% to 0.23 mt. However, the refinery output of Hindustan Petroleum Corporation declined10.1% to 1.45 mt and Mangalore Refineries fell 4.1% to 1.21 mt in April 2024.

Among private refiners, the output of Reliance Petroleum moved up 6.2% to 7.33 mt, while that of Essar Oil increased 1.9% to 1.65 mt in April 2024 over April 2023. The output of HMEL Bhatinda gained 8.2% to 1.09 mt in April 2024.

The cumulative refinery output increased 3.5% to 272.13 mt in April-March 2023-24. The output of public refineries moved up 3.4% to 156.63 mt, while that of private refineries increased 6.4% to 12.30 mt. The refinery output of JV refineries eased0.7% to 2.01 mt in April-March 2023-24. Among public refineries, the output of Indian Oil Corporation increased 2.5%, Bharat Petroleum Corporation 2.7%, Hindustan Petroleum Corporation 17.3% and Chennai Petroleum Corporation 4.0%, while that of Numaligarh Refineries dipped18.6% and Mangalore Refineries3.1%.

The overall capacity utilization declined to 102.4% in April 2024 compared with 103.1% in April 2023, while it was higher at 102.6% in April-April 2023-24 compared with 101.6% in April-March 2022-23.

Natural gas production

India's natural gas production increased 7.8% to 2.96 billion cubic meters (bcm) in April 2024 over a year ago. Natural gas output of ONGC dipped5.1% to 1.52 bcm, while that of Oil India rose 9.8% to 0.26 bcm. Further, the natural gas production of private and JV companies moved up 30.3% to 1.17 bcm in April 2024. Natural gas output gained 5.8% to 36.44 bcm in April-March 2024-24 over April-March 2022-23.

Fuel Product consumption

India's fuel product consumption or sales increased 6.1% to 19.86 mt in April 2024 over a year ago. The sales of petrol jumped 14.1% to 3.28 mt, petcoke 21.2% to 1.67 mt, LPG 9.5% to 2.36 mt and others 16.5% to 1.03 mt. Further, the consumption of diesel increased 1.4% to 7.93 mt, ATF 13.1% to 0.74 mt, naphtha 3.9% to 1.16 mt and lubes/greases 8.4% to 0.30 mt. However, the consumption of fuel oil declined 16.8% to 0.49 mt, bitumen 5.4% to 0.83 mt, light diesel oil (LDO) 16.4% to 0.05 mt and kerosene 10.0% to 0.03 mt in April 2024.

Consumption or sales of fuel products increased 4.6% to 233.28 mt in April-March 2023-24 over April-March 2022-23. Sales of diesel jumped 4.4% to 89.65 mt, petrol 6.4% to 37.22 mt, naphtha 14.3% to 13.87 mt and LPG 4.0% to 29.65 mt. Further, the consumption of ATF improved 11.8% to 8.25 mt, bitumen 9.9% to 8.84 mt, petcoke 4.2% to 19.12 mt, lubes/greases 9.1% to 4.08 mt and LDO 8.0% to 0.78 mt. However, the consumption of others declined 6.4% to 14.83 mt, fuel oil 6.2% to 6.52 mt and kerosene 1.6% to 0.48 mt in April-March 2023-24.

Trade in fuel products

India’s import of crude oil increased 7% to 21.44 mt in April 2024 over April 2023. Imports of petroleum products surged 35% to 4.26 mt, driven by jump in the imports of LPG 80.5%, petcoke 35.8%, other 27%, fuel oil 5.6% and lubes 20%. On the other hand, the exports of petroleum products also moved up 10% to 4.78 mt, driven by surge in exports of diesel 5%, fuel oil 343%, naphtha 27%, ATF 2% and other 79%, while exports of petrol declined 6% in April 2024.

Outlook

The Crude oil prices have declined sharply in May 2024 and early June 2024 owing to concerns regarding softening demand. Weak US manufacturing data and subdued private payrolls weighed on the market. An unexpected announcement from OPEC+ regarding the hike in some supply in 2024 impacted the sentiments raising concerns about potential oversupply amid an already uncertain demand outlook. The some members of the OPEC+ alliance reassured the market of their commitment to stability, with the Saudi energy minister stating that OPEC+ could pause or reverse production increases if market conditions weaken. However, the oil prices have received support from hopes that lower rates might boost demand.

India's Crude Oil Production
	Apr-24	Apr-23	Apr-Mar FY2024	Apr-Mar FY2023	Var (%)
					Apr-24	Apr-Mar FY24
ONGC	1568.3	1592.2	19210.1	19493.5	-1.5	-1.5
Onshore	499.7	485.5	6004.5	5949.9	2.9	0.9
Andhra Pradesh	18.3	15.3	202.2	202.4	19.4	-0.1
Assam ^	85.8	85.6	1044.5	1006.7	0.2	3.8
Gujarat	377.7	370.5	4529.6	4484.2	2.0	1.0
Tamil Nadu	17.8	14.0	226.0	254.0	27.2	-11.0
Mumbai High	1068.6	1106.6	13205.7	13543.6	-3.4	-2.5
Eastern Offshore	0.8	0.6	9.4	16.8	44.8	-44.2
Western Offshore	1067.8	1106.0	13196.3	13526.7	-3.5	-2.4
Condensates	0.0	0.0	0.0	0.0	-	-
OIL: Assam & AP	283.7	268.6	3343.7	3155.7	5.6	6.0
Assam	2.8	2.7	32.1	24.4	6.0	31.9
Arunachal Pradesh	278.1	264.4	3286.4	3114.5	5.2	5.5
Rajasthan (Heavy Oil)	2.8	1.6	25.2	16.8	72.0	49.9
Private	569.3	521.3	6802.7	6529.8	9.2	4.2
Onshore	377.9	431.6	4981.0	5593.3	-12.4	-10.9
Andhra Pradesh	4.2	2.5	48.2	33.7	72.4	43.1
Arunachal Pradesh	1.7	1.5	20.2	23.1	10.0	-12.6
Assam	2.2	2.2	27.6	42.5	2.8	-34.9
Gujarat	41.8	39.0	420.8	366.3	7.1	14.9
Rajasthan	322.5	382.8	4396.1	5057.7	-15.7	-13.1
Tamil Nadu	5.5	3.7	68.1	70.1	49.5	-2.8
West Bengal	0.0	0.0	0.0	0.0	-	-
Offshore	191.5	89.8	1821.7	936.4	113.3	94.5
Eastern Offshore	174.4	51.3	1453.8	533.1	239.9	172.7
Gujarat Offshore	14.2	34.1	325.7	379.4	-58.5	-14.2
Western Offshore	2.9	4.3	42.3	23.9	-	-
Total	2421.4	2382.1	29356.5	29178.9	1.6	0.6
Onshore	1161.3	1185.7	14329.1	14698.9	-2.1	-2.5
Offshore	1260.1	1196.4	15027.4	14480.0	5.3	3.8
Source: Ministry of Petroleum and Natural Gas, Figures in 000 tonnes

Output of the Petroleum Refinery Products
	Apr-24	Apr-23	Apr-Mar FY2024	Apr-Mar FY2023	Var (%)
					Apr-24	Apr-Mar FY24
Public Sector	13018.4	12682.0	156627.8	151479.0	2.7	3.4
Indian Oil Corporation	6016.5	5835.6	70793.8	69055.6	3.1	2.5
Bharat Petroleum Corporation	3281.3	3154.0	36830.6	35851.8	4.0	2.7
Hindustan Petroleum Corporation	1446.5	1608.1	20697.8	17641.6	-10.1	17.3
Chennai Petroleum Corporation	823.1	809.0	10982.2	10555.0	1.7	4.0
Numaligarh Refineries	234.6	6.1	2501.7	3073.5	3771.8	-18.6
Mangalore Refineries	1211.4	1262.9	14758.1	15231.3	-4.1	-3.1
Oil and Natural Gas Corporation	5.1	6.4	63.6	70.2	-20.7	-9.4
Private Sector	10069.4	9530.4	115504.2	111569.9	5.7	3.5
HMEL Bhatinda	1093.7	1011.0	12296.0	11551.0	8.2	6.4
Reliance Petroleum	7330.7	6904.3	83521.4	82086.6	6.2	1.7
1. RIL, Jamnagar	3221.8	2967.5	35804.9	35806.7	8.6	0.0
2. RIL, SEZ	4108.9	3936.8	47716.5	46279.9	4.4	3.1
Essar Oil	1645.1	1615.1	19686.8	17932.3	1.9	9.8
Total	23087.9	22212.4	272131.9	263048.8	3.9	3.5
Capacity Utilisation	102.4	103.1	102.6	101.6	-	-
Source: Ministry of Petroleum and Natural Gas, Figures in 000 tonnes

India's Natural Gas Production
	Apr-24	Apr-23	Apr-Mar FY2024	Apr-Mar FY2023	Var (%)
					Apr-24	Apr-Mar FY24
1. Oil & Natural Gas Corp	1524.3	1606.7	19315.7	19969.0	-5.1	-3.3
Onshore	346.0	381.1	4337.1	4643.9	-9.2	-6.6
Andhra Pradesh	60.5	53.7	702.2	695.3	12.6	1.0
Assam	28.7	30.0	334.6	355.1	-4.3	-5.8
Gujarat	64.8	66.9	787.3	837.0	-3.2	-5.9
Rajasthan	0.0	0.0	0.0	0.0	-	-
Tamil Nadu	85.7	88.8	988.2	1081.6	-3.5	-8.6
Tripura	106.4	141.6	1524.9	1674.9	-24.9	-9.0
Mumbai High Offshore	1178.3	1225.6	14978.6	15325.0	-3.9	-2.3
Eastern Offshore	21.4	16.2	217.1	208.2	32.3	4.3
Western Offshore	1156.9	1209.4	14761.5	15116.8	-4.3	-2.4
2. Oil India Ltd. (OIL)	260.6	237.3	3090.5	3041.2	9.8	1.6
Assam	2.2	3.8	34.7	48.3	-41.1	-28.2
Arunachal Pradesh	249.8	218.1	2885.0	2812.1	14.5	2.6
Rajasthan	8.7	15.4	170.8	180.8	-43.7	-5.6
3. DGH (Private / JVC)	1173.5	900.7	14031.8	11440.1	30.3	22.7
Onshore	189.0	204.6	2488.8	2683.1	-7.6	-7.2
Andhra Pradesh	1.4	1.1	19.8	14.4	23.2	37.1
Assam	0.4	0.4	4.9	5.0	-13.6	-1.4
Arunachal Pradesh	24.8	17.2	269.6	390.3	44.6	-30.9
Gujarat	19.5	8.3	138.8	86.3	136.1	60.8
Rajasthan	140.5	176.5	2028.2	2159.3	-20.4	-6.1
Tamil Nadu	2.4	1.2	27.6	27.8	103.4	-0.9
CBM	54.8	53.0	650.5	673.5	3.4	-3.4
Jharkhand (CBM)	0.3	0.8	5.4	10.1	-66.3	-46.8
Madhya Pradesh (CBM)	20.5	19.7	234.2	263.9	4.5	-11.3
West Bengal (CBM)	34.0	32.5	411.0	399.4	4.6	2.9
Offshore	929.7	643.1	10892.5	8083.5	44.6	34.7
Eastern Offshore	911.7	611.1	10606.5	7791.8	49.2	36.1
Gujarat Offshore	14.2	18.4	214.4	231.9	-22.8	-7.6
Western Offshore	3.9	13.7	71.6	59.9	-	-
TOTAL (1+2+3)	2958.5	2744.6	36437.9	34450.3	7.8	5.8
CBM	54.8	53.0	650.5	673.5	3.4	-3.4
Onshore	795.6	823.0	9916.3	10368.3	-3.3	-4.4
Offshore	2108.1	1868.7	25871.1	23408.6	12.8	10.5
Source: Ministry of Petroleum and Natural Gas, Figures in million cubic meters

India's Fuel Products Consumption
	Apr-24	Apr-23	Apr-Mar FY2024	Apr-Mar FY2023	Var (%)
					Apr-24	Apr-Mar FY24
LPG	2358	2154	29650	28503	9.5	4.0
Kerosene	27	30	481	489	-10.0	-1.6
Diesel	7925	7818	89652	85900	1.4	4.4
Petrol	3284	2877	37220	34975	14.1	6.4
Naphtha	1156	1113	13865	12128	3.9	14.3
ATF	742	656	8248	7379	13.1	11.8
LDO	51	61	783	725	-16.4	8.0
Lubes/Greases	297	274	4076	3737	8.4	9.1
Fuel Oil	487	585	6524	6957	-16.8	-6.2
Bitumen	831	878	8840	8041	-5.4	9.9
Pet. Coke	1671	1379	19115	18342	21.2	4.2
Others	1029	883	14828	15842	16.5	-6.4
All*	19858	18708	233276	223022	6.1	4.6
Source: Ministry of Petroleum and Natural Gas, Figures in 000 tonnes