Having earlier this year found a new oil supplier in Guyana, to help ease its huge productive sector of the jitters associated with the prevailing policies of an increasingly idiosyncratic Organization of Petroleum Exporting Countries (OPEC), India’s oil demand travails persist in the face of a continuing decline in its own domestic production for the second consecutive month at the end of July.
The performance of the country’s oil refining sector made public last week points to a 3.2% July fall in Indian oil production as the country’s state-run Oil and Natural Gas Company (ONGC) failed to reach its production target.
India’s crude oil production slid in July to 2.5 million tonnes compared with the previous year according to data released by the country’s Ministry of Petroleum and Natural Gas said. In July, ONGC, India’s largest oil and gas producer produced 1.6 million tonnes of crude, 4.2% lower than last year and 3.8% less than the target of 1.7 million tons.