India’s crude oil imports seven percent year-on-year (y-o-y) in April 2024, and the net oil and gas import bill reached $12.3 billion, compared to $10.1 billion in the same period last year. Of this, crude oil imports accounted for $13.0 billion, liquefied natural gas (LNG) imports for $1.1 billion and exports for $3.7 billion during April 2024, according to the latest Petroleum Planning & Analysis Cell of the Ministry of Petroleum.
Dependence on oil imports was 88.4 percent in April, slightly below 88.6 percent in the previous period. India’s domestic oil production reached 2.4 million metric tons (MMT) in April 2024, up 1.6 percent from a year ago.
Of the 2.4 MMT, Oil and Natural Gas Corporation (ONGC) produced 1.6 MMT of crude, while Oil India Limited (OIL) and private sector producers contributed 0.3 MMT and 0.5 MMT, data released by the petroleum ministry showed .
India’s oil production, consumption in April 2024
Total consumption of crude oil or petroleum products in India rose 0.8 percent to 21.6 MMT in April. The average Brent crude oil price was $90.15 per barrel in April, while it was $85.48 per barrel in March 2024 and $84.94 per barrel in the same period last year. The average oil price in the Indian basket was $89.46/bbl last month, compared with $84.49/bbl in March 2024 and $83.76/bbl in the year-ago period.
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At 19.9 MMT, consumption of petroleum products during April showed an increase of 6.1 percent from 18.7 MMT in the same period of the previous year.
Total natural gas consumption (including own consumption) for April was 5,515 MMSCM, which was 6.4 percent more than the same month of the previous year. Gross natural gas production for April was 2,958 MMSCM, up 7.8 percent compared to the same month last year. LNG imports for April 2024 were 2,608 MMSCM, up 3.7 percent from the year-ago period.
