Industry Research - Where Is Crude Oil Headed? CARE Ratings

Crude oil leaks from an oil pumping jack in an oil field Russia. (Photographer: Andrey Rudakov/Bloomberg)

Industry Research - Where Is Crude Oil Headed? CARE Ratings

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

CARE Ratings Research Report

Crude oil production in India during May 2021 declined by 6.3% YoY to 2,438 thousand metric tonnes, while cumulative production for initial two months of FY22 declined by 4.2% YoY to 4,931 thousand metric tonnes.

Oil and Natural Gas Corporation Ltd. which contributed ~two-third of the total crude oil production in May 2021 declined 9.6% YoY to 1,553 thousand metric tonnes, due to the adverse climatic conditions created by the cyclone Tauktae, which hit the Indian west coast (mainly Maharashtra and Gujarat) in mid-May.

Crude oil processed during May 2021 was 18,970 thousand million tonnes, which was higher by 16% YoY.

In May 2021, crude oil imports grew 18.2% YoY to 17,259 thousand metric tonne, while in April-May 2021 it grew 14% YoY to 35,516 thousand metric tonne.

Click on the attachment to read the full report:

CARE Ratings Crude Oil Outlook.pdf

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