OIL & GAS

India records lowest crude oil production in at least 18 years

Despite efforts by the government to increase crude oil production and reduce the country’s oil import bill, India’s domestic crude oil output fell to 32,173 Thousand Tonne (TMT) in 2019-2020, the lowest level of production in at least 18 years for which data is publicly available.

The last fiscal year’s production was down six per cent as compared to 34,203 TMT of oil produced in 2018-19.

In March, domestic oil production declined 5.36 per cent to 2,701 TMT. The declining trend in production had pushed the country’s crude oil import dependence to an all time high of 86.7 per cent in the April-February period of 2019-2020.

Source
ET energy World
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