Page 40 - Policy Economic Report - June 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Key developments in Oil & Gas sector

• Monthly Production Report for May, 2024

1. Production of Crude Oil

Indigenous crude oil and condensate production during May 2024 was 2.5 MMT. OIL registered a
production of 0.3 MMT, ONGC registered a production of 1.6 MMT whereas PSC/RSC registered
production of 0.6 MMT during May 2024. There is a degrowth of 1.1% in crude oil and condensate
production during May 2024 as compared to May 2023.

2. Production of Natural Gas

Gross production of natural gas for the month of May 2024 (P) was 3105 MMSCM which was higher by
6.7 % compared with the corresponding month of the previous year. The cumulative gross production of
natural gas of 6063 MMSCM for the current financial year till May 2024 was higher by 7.2 % compared
with the corresponding period of the previous year.

3. Crude Oil Processed (Crude Throughput)

Total Crude oil processed during May 2024 was 23.0 MMT which is 1.3% higher than May 2023, where
PSU/JV refiners processed 15.7 MMT and private refiners processed 7.3 MMT of crude oil. Total
indigenous crude oil processed was 2.3 MMT and total Imported crude oil processed was 20.7 by all Indian
refineries (PSU+JV+PVT). There was a growth of 1.1 % in total crude oil processed in April-May FY 2024 –
25 as compared to same period of FY 2023 – 24.

4. Production of Petroleum Products

Production of petroleum products was 24.0 MMT during May 2024 which is 0.5% higher than May 2023.
Out of 24.0 MMT, 23.7 MMT was from refinery production & 0.3 MMT was from fractionator. There was
a growth of 2.2 % in production of petroleum products in April May FY 2024 – 25 as compared to same
period of FY 2023 – 24. Out of total POL production, in May 2024, share of HSD is 41.6 %, MS 17.2 %,
Naphtha 6.5 %, ATF 6.4 %, Pet Coke 5.3 %, LPG 4.5% which are of major products and rest are shared by
Bitumen, FO/LSHS, LDO, Lubes & others.

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