Domestic crude output down 1.7% in 22-23
India’s crude oil production fell by 1.7%, in 2022–2023, but petroleum consumption rose by 10.2%, according to figures from the oil ministry of the nation. March witnessed a 2.8% decrease in crude production from the same month last year. India’s crude import bill for 2022–2023 increased from $121 billion to $158 billion, while import quantities increased by 9.4% to 232.4 million metric tonnes, increasing the nation’s reliance on imports from 85.5% to 87.3% during that time.
Despite this, NewsOTG gathered that domestic refiners processed 3% more oil in March than they did a year earlier, and 5.6% more crude was processed overall. In contrast, petroleum product imports climbed by 11.7% in 2022–2023 despite a 4.8% increase in production. Over the year, petroleum product exports decreased by 4.1%. Petroleum products, such as gasoline, diesel, and aviation turbine fuel, saw a 10.2% increase in usage between 2022 and 2023, with gasoline seeing a 13.4% increase.
In 2022–2023, India’s crude oil output decreased by 1.7%, but petroleum product consumption increased by 10.2%. To 232.4 million metric tonnes, oil imports rose by 9.4%, and domestic refineries processed 3% more petroleum in March. Petroleum product production climbed by 4.8%, while imports rose by 11.7%. Petroleum-related product consumption increased 5% in March.