India's crude oil production continued its declining trend, falling by more than 3 percent in July as state-owned Oil and Natural Gas Corporation (ONGC) produced less than the target. The country's crude oil production declined by 3.2 percent in July to 2.5 million tonnes when compared with the previous year, and by 3.37 percent in April-July to 9.9 million tonnes, according to data released by the Ministry of Petroleum and Natural Gas.

ONGC, the nation's largest oil and gas producer, produced 1.6 million tonnes of crude in July. This was 4.2 percent lower than last year and 3.8 percent less than the target of 1.7 million tonnes. During April-July, ONGC's oil output fell 4.8 percent to 6.4 million tonnes. Natural gas production showed a contrasting trend. Helped by KG-D6 fields of Reliance-BP, gas production rose 18.36 percent year-on-year to 2.9 billion cubic metres and by almost 20 percent in April-July to 11 bcm.

While gas production from ONGC's fields fell over 10 percent, output from eastern offshore - where the KGD6 fields are located - jumped 12-fold to 573.13 million cubic metres. "Increase in gas production is through contributions from D-34 field of block KG-D6, which commenced from December 18, 2020 (and) wells from satellite cluster (commenced effective from April 25, 2021)," the explanatory note to the data said.

Govt reduced Customs Duty On Crude, Refined Soyoil, Sunflower Oil To 7.5 percent

India pips U.S to rank second in record of most tasty manufacturing hub globally after China

India likely to be double-digit growth in FY22: Report by Barclays