India’s crude oil production in August reduced five.4% year-on-year. Production volumes of Oil and Natural Gas Corporation (ONGC) and Oil India Limited (OIL) declined three.7% year-on-year and 4.Three% yr-on-12 months, respectively, and that of fields below production-sharing contracts reduced nine.Five% 12 months-on-year for the duration of the month, score employer India Ratings and Research (Ind-Ra) stated its monthly report.

Crude oil import volume multiplied 5.Five% 12 months-on-12 months and India’s crude oil import dependency was eighty four.2% in August 2019. Refining throughput improved 2.Four% 12 months-on-year to 22.Zero million metric tonnes (mmt) in August 2019 and turned into down 1.4% yr-on-yr at 106.3mmt at some stage in April-August 2019.

India’s petroleum product output improved 2.6% yr-on-year to 22.2mmt in August 2019. On a cumulative basis, production turned into down 1.1% year-on-yr during April-August 2019.

The fee of Brent crude averaged USD62.8 in keeping with barrel (bbl) throughout September 2019 as against USD59.0/bbl at some stage in August 2019 and USD78.Nine/bbl at some stage in September 2018. Further, the crude prices averaged 12.6% 12 months-on-12 months lower at USD65.Four/bbl in the course of April-September 2019.

In August 2019, LNG import volumes improved 10.3% 12 months-on-yr, supporting the 2.8% year-on-year growth in NG intake. Domestic NG production decreased 3.6% 12 months-on-12 months and 1.1% mom. During the month, ONGC and private/joint project fields recorded a fall of 2.7% year-on-year and 9.Five% year-on-12 months, respectively, in NG production extent, at the same time as OIL’s manufacturing extent became solid. Domestic NG contributed forty seven% to the general home intake at some point of August 2019.

Further, India’s dependency on imported NG has extended indicated via stagnant domestic manufacturing and improved imports due to the fact 2008. The common LNG import percentage changed into 50% of the overall home NG consumption throughout April-August 2019 and 46% at some point of FY19, in comparison with 25% in FY08.

LNG imports multiplied at a CAGR of 8.7% to 75 million metric wellknown cubic meter consistent with day (mmscmd) in FY19 from 30mmscmd in FY08 because of a sustained call for. The multiplied use of NG in fertilizer and energy sectors coupled with growth of metropolis gas distribution networks has pushed the home NG intake. On the opposite hand, domestic NG manufacturing has been stagnant at round 90mmscmd, at a CAGR of zero.2% considering that FY08. This has brought about increased reliance on the import of re-liquefied natural gas (RLNG), as domestic intake has been steadily growing, the document said.