India’s domestic crude oil and condensate production during August 2020 was 6.3 per cent lower than August 2019 levels at 2.6 million tonnes. Production and consumption of petroleum products also registered a decline in August 2020 compared to the same month a year ago. The decline in consumption and production was on account of a muted demand as Covid-19 slowed down economic activities throughout the country.

According to data shared by the Petroleum Planning and Analysis Cell, the consumption of petroleum products stood at 14.4 million tonnes in August 2020, down from 17.2 million tonnes in August 2019. Production of petroleum products was at 17.9 million tonnes in August 2020, down from 22.2 million tonnes in August 2019.

PPAC also said that crude oil processed during August was 16.1 million tonnes, which was 26.4 per cent lower than August 2019 as compared to a degrowth of 18.8 per cent during July.

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Total consumption of natural gas (including internal consumption) for August 2020 was 5,339 million standard cubic meters which was 1.8 per cent lower than the corresponding month of the previous year. The Gross domestic production of natural gas for the August 2020 stood at 2,432 million standard cubic meters which was lower by 9.5 per cent compared with the corresponding month of the previous year.

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Crude oil imports also decreased by 23.4 per cent to 15.2 million tonnes during August as compared to the corresponding period of the previous year. The Indian basket crude price averaged at $44.19 a barrel during August 2020, significantly lower than the $59.35 a barrel price during August 2019, the PPAC said.

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