The Crude oil and condensate production of India attained a value of 659,984.17 bd in 2020
The indicator recorded a historical decline (CAGR) of 2.00% between 2017 to 2020, and is expected to decline by...
GlobalData projects the figure to decline at a CAGR of ...
India - Oil Demand
India has mixed post-pandemic oil demand recovery, with a further major shock seen in Q2 2021 due to the second wave.
Naphtha has the highest relative increase comparing to pre-pandemic levels in the second quarter of 2021. Naphtha is above 2019 levels in every quarter since 2020 as India is increasing chemical production, where naphtha is major input.
LPG demand has also high increase in second quarter and mid-single digit increase in the third quarter comparing to the pre-pandemic levels. This is driven by continued strong demand for LPG as a residential fuel.
On the other side, kerosene and diesel demand is in the process of slow recovery, with the demand substantially lower relative to other major economies.
Gasoline and fuel oil exhibit mixed recovery, which is still relatively better to other countries, but still well behind China.
Impact on Indian refiners
Refinery companies had to re-align their operating models and supply chain cycles to ensure business continuity.
However, refining companies are still likely to remain focused on key growth projects, ensuring long-term competitiveness to deliver strong growth in the future. They continue to analyze the extent to which the COVID-19 outbreak would impact their operations and investments, amid prevailing uncertainties.
Global Oil Products Demand Overview
The COVID-19 pandemic has had a major impact on oil demand. In the second quarter of 2020, demand for oil products saw a steep decline compared to pre-pandemic levels.
Total oil demand has fluctuated during the pandemic, because of the new Covid-19 outbreaks and because of changing restrictions imposed by governments.
2021 has seen total demand for oil products gradually recover to nearly 2019 levels in Q3.
Kerosene demand was the most substantially affected by the restrictions on the air travel and was still significantly below the pre-pandemic levels in the third quarter of 2021.
Production data are used accordingly for understanding and projecting field decline. A number of additional factors are taken into account, such as reported reserves, field location and production phase. Production for announced, planned, producing or abandoned fields is determined using reported information, from operators and governments.
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