Production of crude oil, natural gas and refinery products declined in July, 2019 against the monthly target with experts attributing it to the mix of economic slowdown and seasonal trend.
As per data released by Ministry of Petroleum & Natural Gas, crude oil production during July, 2019 was 2768.95 TMT (thousand metric tons) which is 5.41 per cent lower than target and 4.40 per cent lower when compared with the corresponding month last year.
“Crude production continues to fall mainly because new assets have not come in the recent past and the existing assets are depleting,” said Deepak Mahurkar, partner and leader (India oil and gas industry practice) at PwC. Read More
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