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Crude oil output plunges for second month in a row in November

26 Dec 2011 Evaluate

India’s crude oil production decreased once again in November after registering the first decline in October since November 2010. According to the data released by the Petroleum & Natural Gas ministry, the crude oil output slipped to 3.084 million metric tonnes (MMT) in November which is around 1.6% below the government’s target of 3.134 MMT while it is around 5.7% down year-on-year.

The oil production in the April-November period stood at 25.527 MMT, which is 0.5% higher than government’s target of 25.403 MMT while it is around 2.9% up over the same period last year. The decline in output of crude oil in November was largely due to lower production from state-run Oil and Natural Gas Corporation's and some non-state companies.

Moreover, the natural gas production in November slumped for the 12th straight month at 3,847.4 million cubic metres (MCM) against government’s target of 4,312.20 MCM, which is a good 10.8% lower, while gas production for the month plunged by 10.1% as compared to November 2010. The natural gas production in the April-November period stood at 32,278.8 MCM, which is 5.5% lower than government’s target of 34,163.6 MCM while it is around 8.5% down over the same period last year.

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