India's crude output in the 2019-2020 fiscal year that ended 31 March fell to a near 20-year low and natural gas production fell to a decade-low. The oil ministry said crude output fell by 6 percent from a year earlier to 645,000 b/d. This is the lowest level of production since 2001-2002. Output peaked at 763,000 b/d in 2011-2012 based on publicly available data.
Output in March fell by over 4 percent a year earlier to 639,000 b/d and only met 86 percent of a state-set monthly target. To meet 87 percent of its needs, the country depends on imported crude.
India's gas production dropped in March by 15 percent from a year earlier to 77 million m³/d and 78 percent of a state-set target. This further increases the country's dependence on imported LNG, which accounts for over 60 percent of consumption.
Production of oil and gas is expected to fall by at least 15 percent in April from a year earlier following an extension of the country's 21-day lockdown to 3 May.
