At a time when high international crude oil price is directly impacting India’s GDP, inflation and current account deficit, the crude oil production back home paints a gloomy picture. India’s crude oil production has fallen continuously for at least six years in a row. The crude oil production, which was 38.1 million metric tons in 2011-12, slumped to 35.7 million metric tons provisionally in 2017-18, latest data by Petroleum Planning & Analysis Cell showed. But wait, there’s an explanation.
The fall in crude oil production coincided with the years in which oil prices slumped. Fall in production can be attributed to the lack of efficient production and drilling from matured oil fields, but primarily due to lack of investment as low crude oil prices rendered investments into oil fields unattractive, Urvisha H Jagasheth, oil analyst at Care Ratings told FE Online. Read More
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