Industry Research - Where Is Crude Oil Headed? CARE Ratings
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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.
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