How much Crude Oil does India produce?
Crude Oil is be the most 'wanted' commodity in the world. Crude oil accounts for 40 per cent of the world's total energy demand. Daily, the world consumes about 76 million bbl of oil.
United States (20 million bbl/d), followed by China (5.6 million bbl/d) and Japan (5.4 million bbl/d) are the top oil consuming countries.
What is the position of India with regard to crude oil?
**India ranks among the top 10 largest oil-consuming countries.
**Oil accounts for about 30 per cent of India's total energy consumption. The country's total oil consumption is about 2.2 million barrels per day. India imports about 70 per cent of its total oil consumption and it makes no exports.
**India faces a large supply deficit, as domestic oil production is unlikely to keep pace with demand. India's rough production was only 0.8 million barrels per day.
**The oil reserves of the country (about 5.4 billion barrels) are located primarily in Mumbai High, Upper Assam, Cambay, Krishna-Godavari and Cauvery basins.
**Balance recoverable reserve was about 733 million tones (in 2003) of which offshore was 394 million tones and on shore was 339 million tones.
**India had a total of 2.1 million barrels per day in refining capacity.
**The government has permitted foreign participation in oil exploration, an activity restricted earlier to state owned entities.
**Indian government in 2002 officially ended the Administered Pricing Mechanism (APM). Now crude price is having a high correlation with the international market price. As on date, even the prices of crude bi-products are allowed to vary +/- 10% keeping in line with international crude price, subject to certain government laid down norms/ formulae.
**Disinvestment/restructuring of public sector units and complete deregulation of Indian retail petroleum products sector is under way.
Crude Oil Units
1 US barrel = 42 US gallons.
1 US barrel = 158.98 litres.
1 tonne = 7.33 barrels .
1 short ton = 6.65 barrels .
Crude Oil is be the most 'wanted' commodity in the world. Crude oil accounts for 40 per cent of the world's total energy demand. Daily, the world consumes about 76 million bbl of oil.
United States (20 million bbl/d), followed by China (5.6 million bbl/d) and Japan (5.4 million bbl/d) are the top oil consuming countries.
What is the position of India with regard to crude oil?
**India ranks among the top 10 largest oil-consuming countries.
**Oil accounts for about 30 per cent of India's total energy consumption. The country's total oil consumption is about 2.2 million barrels per day. India imports about 70 per cent of its total oil consumption and it makes no exports.
**India faces a large supply deficit, as domestic oil production is unlikely to keep pace with demand. India's rough production was only 0.8 million barrels per day.
**The oil reserves of the country (about 5.4 billion barrels) are located primarily in Mumbai High, Upper Assam, Cambay, Krishna-Godavari and Cauvery basins.
**Balance recoverable reserve was about 733 million tones (in 2003) of which offshore was 394 million tones and on shore was 339 million tones.
**India had a total of 2.1 million barrels per day in refining capacity.
**The government has permitted foreign participation in oil exploration, an activity restricted earlier to state owned entities.
**Indian government in 2002 officially ended the Administered Pricing Mechanism (APM). Now crude price is having a high correlation with the international market price. As on date, even the prices of crude bi-products are allowed to vary +/- 10% keeping in line with international crude price, subject to certain government laid down norms/ formulae.
**Disinvestment/restructuring of public sector units and complete deregulation of Indian retail petroleum products sector is under way.
Crude Oil Units
1 US barrel = 42 US gallons.
1 US barrel = 158.98 litres.
1 tonne = 7.33 barrels .
1 short ton = 6.65 barrels .