India’s crude oil production declined three per cent in January 2018 to 2,976.41 thousand metric tonnes (TMT) compared to January 2017 output. The decline comes at a time when demand for crude oil is at an all-time high and oil price continues to hit three-year highs on a regular basis.
Oil production by state-run ONGC stood at 1,836.79 TMT during the month, which is four per cent lower compared to January 2017 production. Oil production by its smaller counterpart OIL increased by four per cent to 285.4 TMT in January against production in the year-ago period. OIL missed its monthly target due to ‘less than planned contribution from old wells’. Read More
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