According to the data, during the first eight months of the current financial year i.e. April-November 2021, crude oil production in India fell by 2.74 percent to 1986 million tonnes.
India’s crude production continues to decline
There is no news of relief for the domestic economy regarding crude oil, recently Goldman has estimated that crude can reach $ 100 per barrel, on the other hand the country’s domestic production is also showing a steady decline. Is. The country’s domestic crude oil production fell by more than 2 percent during November. There has been a decline in production due to the poor performance of the public sector.
How much was the domestic production of crude oil
According to official data released on Tuesday, crude oil production in November was 24.3 lakh tonnes, up from 2.48 lakh tonnes in the same period a year ago and 2.5 million tonnes in October 2021. In November, Oil and Natural Gas Corporation (ONGC) produced 1.6 million tonnes of crude in November due to delays in mobilization of equipment in the western offshore fields, which is three per cent lower than the previous year. Oil India Limited (OIL) produced 2,41,420 tonnes of crude oil in November, up from 2,43,200 tonnes in the same period a year ago and 2,52,990 tonnes in October 2021. India is dependent on imports to meet 85 per cent of its crude oil requirements, as domestic production is insufficient to meet demand. According to the data, during the first eight months of the current financial year – April-November 2021, India’s crude oil production fell by 2.74 percent to 1986 million tonnes. During this period, ONGC’s production stood at 1294 million tonnes, showing a decrease of 4.18 percent. On the other hand, however, natural gas production stood at 2.86 billion cubic meters (BCM) in November, which is 23 percent higher than the same period last year. This increase was mainly due to the commencement of production from new fields in the KG-D6 block operated by Reliance Industries Limited and BP Plc.
Crude may cross $100 per barrel level
Brokerage company Goldman Sachs has feared that the rise in crude oil will be further accelerated and the demand for crude may touch a new record level in the next two years. The brokerage house expects that the demand for crude oil will increase in the coming times and the prices will move upwards from the current level. According to the brokerage house, the demand for crude oil can touch its new record level in 2022 and 2023. There is a possibility that because of this crude oil can cross the level of $ 100 per barrel.