26-07-2017

India Crude Oil production up marginally in June

oil

India produced 2984.50 thousand metric tonne (TMT) Crude Oil in the month of June 2017, 0.60% higher, compared to the same month previous year but 2.13% lower than the target, according to latest government data.

Both the state run companies, Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL), country’s biggest Oil producers, posted high production for the month of June. Compared to June 2016, ONGC produced 1859.48 TMT Crude Oil, up by 3.13%.

Similarly, OIL’s output was 278.71 TMT, 5.03% higher than production last year.

Overall, for the June quarter, cumulative production from April-June 2017 rose by 0.24% due to high performance from ONGC and OIL.

Cumulative Crude Oil production by ONGC in Q1 was 5,640.77 tmt, which is 0.22% lower than the period's target but 2.71% higher than production during the year-ago period.

OIL produced 839.86 tmt, about 5.22% higher than the last year's corresponding period.

On the other end, private players and joint ventures put up a dismal show with falling behind their June target by 3.12% and overall decline in production by 5.78%, compared to June last year.

Cumulative Crude Oil production during April-June, 2017 was 2541.74 TMT which is 4.08% lower than target for the period and 6.23% lower than the production during corresponding period of last year.

Source: Commodity Online 

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