{"id":12715,"date":"2024-12-14T09:38:01","date_gmt":"2024-12-14T09:38:01","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=12715"},"modified":"2024-12-14T09:38:01","modified_gmt":"2024-12-14T09:38:01","slug":"indias-oil-and-gas-imports-surge-6-7-in-november-consumption-grows-9-3","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/12715\/","title":{"rendered":"India\u2019s oil and gas imports surge 6.7% in November, consumption grows 9.3%"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0 India recorded a 6.7% increase in petroleum product (POL) imports and a 2.6% rise in crude oil imports in November 2024 compared to the same period last year, according to official data. For the April-November FY 2024-25 period, POL imports grew by 2.7% and crude oil imports by 3.4% year-on-year.

The net import bill for oil and gas rose to $12.2 billion in November 2024, up from $10.4 billion in November 2023. Crude oil imports accounted for $10.0 billion, LNG imports for $1.2 billion, while exports stood at $5.8 billion during the month.

\nCrude oil production and processing<\/b>

Indigenous crude oil and condensate production in November 2024 totaled 2.3 million metric tonnes (MMT), registering a decline of 2.1% compared to November 2023. ONGC produced 1.5 MMT, OIL contributed 0.3 MMT, and private sector operators accounted for 0.5 MMT.

The total crude oil processed during November 2024 was 21.6 MMT, with imported crude oil making up 19.6 MMT. The April-November period saw a 1.8% year-on-year growth in crude oil processing. Production of petroleum products rose by 2.9% in November 2024 to 23.5 MMT, with a cumulative growth of 2.8% for the April-November period compared to the previous fiscal year.

Petroleum product consumption<\/b>

Consumption of petroleum products in November 2024 grew by 9.3% year-on-year to 20.4 MMT. For April-November FY 2024-25, consumption reached 157.5 MMT, up by 3.4% compared to the corresponding period last year. Growth was driven by increases in motor spirit (7.7%), aviation turbine fuel (10%), and LPG (6.9%).

Natural gas performance<\/b><\/p>\n

Natural gas consumption in November 2024 increased by 8.7% to 5,887 million standard cubic meters (MMSCM). Cumulative consumption for April-November reached 48,682 MMSCM, a 10.4% rise year-on-year. Gross natural gas production in November 2024 stood at 2,972 MMSCM, down by 2.3% compared to November 2023.

LNG imports rose significantly, with November 2024 imports increasing by 21.7% year-on-year to 2,941 MMSCM. Cumulative LNG imports for April-November FY 2024-25 totaled 24,798 MMSCM, reflecting a 21% growth over the previous year.

Ethanol blending and crude oil prices<\/b>

India\u2019s ethanol blending in petrol reached 16.1% in October 2024, with a cumulative blending rate of 14.6% for the November 2023-October 2024 period. As of November 1, 2024, 17,402 PSU retail outlets were dispensing E20 ethanol-blended petrol.

The average price of Brent crude in November 2024 was $74.47 per barrel, down from $75.66 in October 2024 and $83.18 in November 2023. The Indian crude basket price averaged $73.02 per barrel in November 2024.

Exports and challenges<\/b>

POL product exports fell by 6.7% in November 2024 but rose by 2.7% in the April-November FY 2024-25 period. The increase in exports during this period was driven by products like petcoke, CBFS, and fuel oil.

India’s oil and gas sector continues to adapt to fluctuating global crude prices and rising domestic demand for petroleum and natural gas products.<\/p>\n

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