India’s output of crude oil, which is refined to produce petrol and diesel, continued to decline in December, with less output from state-owned ONGC falling by nearly 2%, official data showed on Wednesday. .
Oil production in December stood at 2.51 million tonnes, up from 2.55 million tonnes a year ago and a target of 2.6 million tonnes. However, the production was higher than 2.43 million tonnes produced in November 2021.
India’s largest producer ONGC produced 3% less crude at 1.65 million tonnes in December due to delays in mobilizing equipment in western offshore fields. Oil India Limited (OIL) produced 5.4% more crude at 2,54,360 tonnes.
India is 85% dependent on imports to meet its crude oil requirements as domestic production is insufficient to meet demand. However, natural gas production rose by almost a fifth to 2.89 billion cubic meters (BCM) in December 2021.
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