India's crude oil output continues to fall in December

India's crude oil production, which is converted into gasoline and diesel, continued to fall in December, with decreased output from the state-owned ONGC contributing to an almost 2 percent reduction, according to official figures released on Wednesday.

In December, oil production was 2.51 million tonnes, down from 2.55 million tonnes a year ago and below the 2.6 million tonnes objective. However, production was higher than the 2.43 million tonnes produced in November 2021.

Due to delays in mobilising equipment in western offshore areas, ONGC, India's largest producer, produced 3 percent less crude oil in December, at 1.65 million tonnes. Oil India Ltd. (OIL) produced 2,54,360 tonnes of crude oil, up 5.4 percent.

India relies on imports for 85 percent of its crude oil needs since domestic production is insufficient to meet demand. In December 2021, however, natural gas production increased by nearly a fifth to 2.89 billion cubic metres (bcm).

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