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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.
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