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Oil & gas data from India: Picture is less than bright
Nov 21:
As of today, the news on the oil & gas front is not that bright
8Indigenous crude oil including condensate production during October 2017 was marginally lower by 0.4% than that of October 2016. Even on a cumulative basis, there was a marginal decrease of 0.2% over April- October 2016 in indigenous crude oil including condensate production. The recurring theme is a degrowth in output from PSC fields as of now.
8Import dependency is still going up as crude oil imports are up, rising 4.9% during October 2017 but less rapidly between April-October.
8The point to note is that consumption of petroleum products is down when the expectation was of a rapid rise. Petroleum product consumption registered a growth of 0.9% during October 2017 as compared to 7.3% growth during October 2016. Except for naphtha, SKO, HSD, LDO, FO/LSHS & bitumen all other products registered positive growth during October 2017. During the period April-October 2017-18, petroleum product consumption registered a growth of 1.6% as compared to 9.5% growth during the same period last year.
8The slowing down of consumption is not on account of any structural change or decarbonization attempt but a consequence of government policies.
8The projections are that consumption will go up on the back of economic growth once the current muddle over GST and demonetization settles down.
Click on Reports for more
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8Indigenous crude oil including condensate production during October 2017 was marginally lower by 0.4% than that of October 2016. Even on a cumulative basis, there was a marginal decrease of 0.2% over April- October 2016 in indigenous crude oil including condensate production. The recurring theme is a degrowth in output from PSC fields as of now.
8Import dependency is still going up as crude oil imports are up, rising 4.9% during October 2017 but less rapidly between April-October.
8The point to note is that consumption of petroleum products is down when the expectation was of a rapid rise. Petroleum product consumption registered a growth of 0.9% during October 2017 as compared to 7.3% growth during October 2016. Except for naphtha, SKO, HSD, LDO, FO/LSHS & bitumen all other products registered positive growth during October 2017. During the period April-October 2017-18, petroleum product consumption registered a growth of 1.6% as compared to 9.5% growth during the same period last year.
8The slowing down of consumption is not on account of any structural change or decarbonization attempt but a consequence of government policies.
8The projections are that consumption will go up on the back of economic growth once the current muddle over GST and demonetization settles down.
Click on Reports for more
