Commodity Summary
Crude oil production fell to 2,527 thousand metric tonnes in June as the Coronavirus pandemic compounded problems for India’s ageing fields whose output have been declining for years. Decline in output from fields operated by ONGC was just 1% while for the fields operated by Oil India and the private sector was almost 10% and 16%, respectively.
Underperformance of wells, delayed oilfield enhancement plans and general disruption caused by the pandemic contributed to a decline in oil production.
Natural gas output fell to 2,324 million metric standard cubic meters primarily on lower offtake by customers. ONGC’s gas output fell 9% while private sector’s production fell 29% in June over the year.
Refineries processed 13.6% less crude in June from a year earlier. State-run refiners processed 9.2% less crude than last year while private refiners processed 16% less crude.
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