Industry & Economy
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Petroleum
Fall in Jan crude oil output
Our Bureau
New Delhi, Feb. 27 The country’s crude oil and natural gas production in January was down when compared to the corresponding period last year.
During the month, 2.89 million tonnes (mt) or 683,345 barrels a day of oil was produced, down from 2.90 mt produced in the corresponding period last year.
The reasons cited for lower production includes shortage of equipment and drilling rigs, and less than anticipated production from new wells. The country produced 2.695 billion cubic metres of natural gas in January, down from 2.767 billion in the same month last year, according to official data.
India imports about three-quarters of the crude oil it processes.
According to the data, the refineries processed 13.67 mt a day, or about 3.24 million barrels, of crude oil in January, 5.3 per cent more than in the corresponding period last year. The refinery utilisation rate in January stood at 108.4 per cent of installed capacity, up from 106.9 per cent during the corresponding period last year.
The refinery figures are based on a survey of the country’s 17 State-owned refineries and two privately run refineries.
The increase in crude processing by refineries was in line with domestic oil product sales, which rose 4.3 per cent in January compared to the corresponding period last year.
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