Sector Trends     17-Jun-24
Sector
Crude oil and refineries: Prices dip on supply hike
Brent crude oil price dipped 12.0% to US$ 78.75 per barrel in May 2024 over April 2023, recording sharp declined snapping rise for last four straight monthsof cumulative 16.6%. The Brent crude oil price shows an increase of 3.9% over a year ago in May 2024. However, the Brent crude oil price has further declined 0.4% to US$ 78.46 per barrel in early June2024.

The price of India’s basket of crude oil dipped 6.6% to US$ 83.56per barrel in May 2024 from April2024. The price of India’s basket of crude oil is up 11.4% in May 2024 from US$ 74.98 per barrel in May 2023. However, the price has dipped 5.6% to US$ 78.90 per barrel in early June 2024.

Crude oil production

India's crude oil production increased 1.6% to 2.42 million tonnes (mt) in April 2024 over April 2023. Crude oil output of ONGC fell1.5% to 1.57 mt, while that of Oil India moved up 5.6% to 0.28 mt. ONGC's offshore output declined3.4% to 1.07 mt, while onshore production increased 2.9% to 0.50 mt. The crude oil production of private and joint venture (JV) companies moved up 9.2% to 0.57 mt in April 2024.

Crude oil output rose increased 0.6% to 29.36 mt in April-March period of the fiscal year ended March 2024 (April-March 2023-24), snapping 1.7% fall recorded in the corresponding period of last year. Output of ONGC dipped 1.5% to 19.21 mt, while that of Oil India moved up 6.0% to 3.34 mt. However, the crude oil production of private companies increased 4.2% to 6.80 mt in April-March 2023-24 over April-March 2022-23.

Crude oil refinery output

India's crude oil refinery output increased 3.9% to 23.09 mt in April 2024 over April 2023. The output of public sector refineries increased 2.7% to 13.02 mt, while the output of private refineries moved up 5.7% to 10.07 mt in April 2024.

Among public refineries, the output of Indian Oil Corporation jumped 3.1% to 6.02 mt, Chennai Petroleum Corporation 1.7% to 0.82 mt and Bharat Petroleum Corporation 4.0% to 3.28 mt, while that of Numaligarh Refineries rose 3771.8% to 0.23 mt. However, the refinery output of Hindustan Petroleum Corporation declined10.1% to 1.45 mt and Mangalore Refineries fell 4.1% to 1.21 mt in April 2024.

Among private refiners, the output of Reliance Petroleum moved up 6.2% to 7.33 mt, while that of Essar Oil increased 1.9% to 1.65 mt in April 2024 over April 2023. The output of HMEL Bhatinda gained 8.2% to 1.09 mt in April 2024.

The cumulative refinery output increased 3.5% to 272.13 mt in April-March 2023-24. The output of public refineries moved up 3.4% to 156.63 mt, while that of private refineries increased 6.4% to 12.30 mt. The refinery output of JV refineries eased0.7% to 2.01 mt in April-March 2023-24. Among public refineries, the output of Indian Oil Corporation increased 2.5%, Bharat Petroleum Corporation 2.7%, Hindustan Petroleum Corporation 17.3% and Chennai Petroleum Corporation 4.0%, while that of Numaligarh Refineries dipped18.6% and Mangalore Refineries3.1%.

The overall capacity utilization declined to 102.4% in April 2024 compared with 103.1% in April 2023, while it was higher at 102.6% in April-April 2023-24 compared with 101.6% in April-March 2022-23.

Natural gas production

India's natural gas production increased 7.8% to 2.96 billion cubic meters (bcm) in April 2024 over a year ago. Natural gas output of ONGC dipped5.1% to 1.52 bcm, while that of Oil India rose 9.8% to 0.26 bcm. Further, the natural gas production of private and JV companies moved up 30.3% to 1.17 bcm in April 2024. Natural gas output gained 5.8% to 36.44 bcm in April-March 2024-24 over April-March 2022-23.

Fuel Product consumption

India's fuel product consumption or sales increased 6.1% to 19.86 mt in April 2024 over a year ago. The sales of petrol jumped 14.1% to 3.28 mt, petcoke 21.2% to 1.67 mt, LPG 9.5% to 2.36 mt and others 16.5% to 1.03 mt. Further, the consumption of diesel increased 1.4% to 7.93 mt, ATF 13.1% to 0.74 mt, naphtha 3.9% to 1.16 mt and lubes/greases 8.4% to 0.30 mt. However, the consumption of fuel oil declined 16.8% to 0.49 mt, bitumen 5.4% to 0.83 mt, light diesel oil (LDO) 16.4% to 0.05 mt and kerosene 10.0% to 0.03 mt in April 2024.

Consumption or sales of fuel products increased 4.6% to 233.28 mt in April-March 2023-24 over April-March 2022-23. Sales of diesel jumped 4.4% to 89.65 mt, petrol 6.4% to 37.22 mt, naphtha 14.3% to 13.87 mt and LPG 4.0% to 29.65 mt. Further, the consumption of ATF improved 11.8% to 8.25 mt, bitumen 9.9% to 8.84 mt, petcoke 4.2% to 19.12 mt, lubes/greases 9.1% to 4.08 mt and LDO 8.0% to 0.78 mt. However, the consumption of others declined 6.4% to 14.83 mt, fuel oil 6.2% to 6.52 mt and kerosene 1.6% to 0.48 mt in April-March 2023-24.

Trade in fuel products

India’s import of crude oil increased 7% to 21.44 mt in April 2024 over April 2023. Imports of petroleum products surged 35% to 4.26 mt, driven by jump in the imports of LPG 80.5%, petcoke 35.8%, other 27%, fuel oil 5.6% and lubes 20%. On the other hand, the exports of petroleum products also moved up 10% to 4.78 mt, driven by surge in exports of diesel 5%, fuel oil 343%, naphtha 27%, ATF 2% and other 79%, while exports of petrol declined 6% in April 2024.

Outlook

The Crude oil prices have declined sharply in May 2024 and early June 2024 owing to concerns regarding softening demand. Weak US manufacturing data and subdued private payrolls weighed on the market. An unexpected announcement from OPEC+ regarding the hike in some supply in 2024 impacted the sentiments raising concerns about potential oversupply amid an already uncertain demand outlook. The some members of the OPEC+ alliance reassured the market of their commitment to stability, with the Saudi energy minister stating that OPEC+ could pause or reverse production increases if market conditions weaken. However, the oil prices have received support from hopes that lower rates might boost demand.

India's Crude Oil Production
Apr-24 Apr-23 Apr-Mar FY2024 Apr-Mar FY2023 Var (%)
Apr-24 Apr-Mar FY24
ONGC 1568.3 1592.2 19210.1 19493.5 -1.5 -1.5
Onshore 499.7 485.5 6004.5 5949.9 2.9 0.9
Andhra Pradesh 18.3 15.3 202.2 202.4 19.4 -0.1
Assam ^ 85.8 85.6 1044.5 1006.7 0.2 3.8
Gujarat 377.7 370.5 4529.6 4484.2 2.0 1.0
Tamil Nadu 17.8 14.0 226.0 254.0 27.2 -11.0
Mumbai High 1068.6 1106.6 13205.7 13543.6 -3.4 -2.5
Eastern Offshore 0.8 0.6 9.4 16.8 44.8 -44.2
Western Offshore 1067.8 1106.0 13196.3 13526.7 -3.5 -2.4
Condensates 0.0 0.0 0.0 0.0 - -
OIL: Assam & AP 283.7 268.6 3343.7 3155.7 5.6 6.0
Assam 2.8 2.7 32.1 24.4 6.0 31.9
Arunachal Pradesh 278.1 264.4 3286.4 3114.5 5.2 5.5
Rajasthan (Heavy Oil) 2.8 1.6 25.2 16.8 72.0 49.9
Private 569.3 521.3 6802.7 6529.8 9.2 4.2
Onshore 377.9 431.6 4981.0 5593.3 -12.4 -10.9
Andhra Pradesh 4.2 2.5 48.2 33.7 72.4 43.1
Arunachal Pradesh 1.7 1.5 20.2 23.1 10.0 -12.6
Assam 2.2 2.2 27.6 42.5 2.8 -34.9
Gujarat 41.8 39.0 420.8 366.3 7.1 14.9
Rajasthan 322.5 382.8 4396.1 5057.7 -15.7 -13.1
Tamil Nadu 5.5 3.7 68.1 70.1 49.5 -2.8
West Bengal 0.0 0.0 0.0 0.0 - -
Offshore 191.5 89.8 1821.7 936.4 113.3 94.5
Eastern Offshore 174.4 51.3 1453.8 533.1 239.9 172.7
Gujarat Offshore 14.2 34.1 325.7 379.4 -58.5 -14.2
Western Offshore 2.9 4.3 42.3 23.9 - -
Total 2421.4 2382.1 29356.5 29178.9 1.6 0.6
Onshore 1161.3 1185.7 14329.1 14698.9 -2.1 -2.5
Offshore 1260.1 1196.4 15027.4 14480.0 5.3 3.8
Source: Ministry of Petroleum and Natural Gas, Figures in 000 tonnes

 

Output of the Petroleum Refinery Products
Apr-24 Apr-23 Apr-Mar FY2024 Apr-Mar FY2023 Var (%)
Apr-24 Apr-Mar FY24
Public Sector 13018.4 12682.0 156627.8 151479.0 2.7 3.4
Indian Oil Corporation 6016.5 5835.6 70793.8 69055.6 3.1 2.5
Bharat Petroleum Corporation 3281.3 3154.0 36830.6 35851.8 4.0 2.7
Hindustan Petroleum Corporation 1446.5 1608.1 20697.8 17641.6 -10.1 17.3
Chennai Petroleum Corporation 823.1 809.0 10982.2 10555.0 1.7 4.0
Numaligarh Refineries 234.6 6.1 2501.7 3073.5 3771.8 -18.6
Mangalore Refineries 1211.4 1262.9 14758.1 15231.3 -4.1 -3.1
Oil and Natural Gas Corporation 5.1 6.4 63.6 70.2 -20.7 -9.4
Private Sector 10069.4 9530.4 115504.2 111569.9 5.7 3.5
HMEL Bhatinda 1093.7 1011.0 12296.0 11551.0 8.2 6.4
Reliance Petroleum 7330.7 6904.3 83521.4 82086.6 6.2 1.7
1. RIL, Jamnagar 3221.8 2967.5 35804.9 35806.7 8.6 0.0
2. RIL, SEZ 4108.9 3936.8 47716.5 46279.9 4.4 3.1
Essar Oil 1645.1 1615.1 19686.8 17932.3 1.9 9.8
Total 23087.9 22212.4 272131.9 263048.8 3.9 3.5
Capacity Utilisation 102.4 103.1 102.6 101.6 - -
Source: Ministry of Petroleum and Natural Gas, Figures in 000 tonnes

 

India's Natural Gas Production
Apr-24 Apr-23 Apr-Mar FY2024 Apr-Mar FY2023 Var (%)
Apr-24 Apr-Mar FY24
1. Oil & Natural Gas Corp 1524.3 1606.7 19315.7 19969.0 -5.1 -3.3
Onshore 346.0 381.1 4337.1 4643.9 -9.2 -6.6
Andhra Pradesh 60.5 53.7 702.2 695.3 12.6 1.0
Assam 28.7 30.0 334.6 355.1 -4.3 -5.8
Gujarat 64.8 66.9 787.3 837.0 -3.2 -5.9
Rajasthan 0.0 0.0 0.0 0.0 - -
Tamil Nadu 85.7 88.8 988.2 1081.6 -3.5 -8.6
Tripura 106.4 141.6 1524.9 1674.9 -24.9 -9.0
Mumbai High Offshore 1178.3 1225.6 14978.6 15325.0 -3.9 -2.3
Eastern Offshore 21.4 16.2 217.1 208.2 32.3 4.3
Western Offshore 1156.9 1209.4 14761.5 15116.8 -4.3 -2.4
2. Oil India Ltd. (OIL) 260.6 237.3 3090.5 3041.2 9.8 1.6
Assam 2.2 3.8 34.7 48.3 -41.1 -28.2
Arunachal Pradesh 249.8 218.1 2885.0 2812.1 14.5 2.6
Rajasthan 8.7 15.4 170.8 180.8 -43.7 -5.6
3. DGH (Private / JVC) 1173.5 900.7 14031.8 11440.1 30.3 22.7
Onshore 189.0 204.6 2488.8 2683.1 -7.6 -7.2
Andhra Pradesh 1.4 1.1 19.8 14.4 23.2 37.1
Assam 0.4 0.4 4.9 5.0 -13.6 -1.4
Arunachal Pradesh 24.8 17.2 269.6 390.3 44.6 -30.9
Gujarat 19.5 8.3 138.8 86.3 136.1 60.8
Rajasthan 140.5 176.5 2028.2 2159.3 -20.4 -6.1
Tamil Nadu 2.4 1.2 27.6 27.8 103.4 -0.9
CBM 54.8 53.0 650.5 673.5 3.4 -3.4
Jharkhand (CBM) 0.3 0.8 5.4 10.1 -66.3 -46.8
Madhya Pradesh (CBM) 20.5 19.7 234.2 263.9 4.5 -11.3
West Bengal (CBM) 34.0 32.5 411.0 399.4 4.6 2.9
Offshore 929.7 643.1 10892.5 8083.5 44.6 34.7
Eastern Offshore 911.7 611.1 10606.5 7791.8 49.2 36.1
Gujarat Offshore 14.2 18.4 214.4 231.9 -22.8 -7.6
Western Offshore 3.9 13.7 71.6 59.9 - -
TOTAL (1+2+3) 2958.5 2744.6 36437.9 34450.3 7.8 5.8
CBM 54.8 53.0 650.5 673.5 3.4 -3.4
Onshore 795.6 823.0 9916.3 10368.3 -3.3 -4.4
Offshore 2108.1 1868.7 25871.1 23408.6 12.8 10.5
Source: Ministry of Petroleum and Natural Gas, Figures in million cubic meters

 

India's Fuel Products Consumption
Apr-24 Apr-23 Apr-Mar FY2024 Apr-Mar FY2023 Var (%)
Apr-24 Apr-Mar FY24
LPG 2358 2154 29650 28503 9.5 4.0
Kerosene 27 30 481 489 -10.0 -1.6
Diesel 7925 7818 89652 85900 1.4 4.4
Petrol 3284 2877 37220 34975 14.1 6.4
Naphtha 1156 1113 13865 12128 3.9 14.3
ATF 742 656 8248 7379 13.1 11.8
LDO 51 61 783 725 -16.4 8.0
Lubes/Greases 297 274 4076 3737 8.4 9.1
Fuel Oil 487 585 6524 6957 -16.8 -6.2
Bitumen 831 878 8840 8041 -5.4 9.9
Pet. Coke 1671 1379 19115 18342 21.2 4.2
Others 1029 883 14828 15842 16.5 -6.4
All* 19858 18708 233276 223022 6.1 4.6
Source: Ministry of Petroleum and Natural Gas, Figures in 000 tonnes

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