India's crude oil production fell 5.5 per cent in March from a year earlier amid lockdown due to coronavirus. The production plunged to nearly 2.70 million tonnes in the period, provisional government data showed. Similarly, the cumulative crude oil production in April-March FY20 was 32.17 million tonnes which is 8.20 per cent and 5.95 per cent lower than target for the period and production during corresponding period of last year respectively, the government data also showed.
The refiners processed about 21.20 million tonnes of oil last month which is 8.59 per cent lower than the target for the month. It is 5.74 per cent lower compared with March, 2019. The cumulative production during April-March FY20 was 25.43 million tonnes which is 0.14 per cent and 1.1 per cent lower than target for the period and production during corresponding period of last year. Many refineries have restricted production output with fuel demand hit by travel restrictions due to lockdown, the analysts have said.
The natural gas production in March was 2,411 mmscmd which is 21.89 per cent lower than the monthly target and 14.38 per cent lower when compared with March. The cumulative natural gas production during April-March FY20 was 31,179.96 mmscmd which is 9.76 per cent and 5.15 per cent lower than target for the period and production during corresponding period of last year, respectively.
Meanwhile, the US crude oil futures traded negative for the first time ever on Monday amid coronavirus lockdowns negatively impacting the global economic growth. The contract for West Texas intermediate crude (WTI), the benchmark for US oil rates, dropped below the $0-a-barrel level on April 20.