INDIA DATA: Crude oil output falls 2.4% on year, flat on month

Quantum Commodity Intelligence – India produced 2.51 million mt of crude in January, according to figures released by India's Ministry of Petroleum and Gas Wednesday, a figure that is in line with December production, although down 2% on the year.

The figure is 6% below the country's production target and means producers have missed the government production goals for nine straight months.

India has a target to produce 31.73 million mt of crude in the financial year ending March 31, 2022, but is running around 5% under that, which will push up the country's oil import bill by more than $800 million, according to average prices.

India is reliant on imported crude for 85% of its domestic needs and has been lobbying OPEC+ members to boost supply as prices surge to $100/b for the first time in nearly eight years.

Last month crude imports fell 4% while processing rose 1% versus January, which, combined with flat production, suggests India drew down its stocks in January.