India's crude and natural gas production fell further in November, preliminary oil ministry data show.
Crude output fell to 609,000 b/d last month, down by 4pc from 635,000 b/d a year earlier and below a state-set target of 655,000 b/d. This further complicates prime minister Narendra Modi's plan to cut crude imports by 10pc by 2022.
Natural gas production fell by 9pc to 78mn m³/d in November from 86mn m³/d a year earlier, and was well below the targeted 98mn m³/d.
India's upstream licensing rounds have consistently failed to attract foreign companies and left the government reliant on bids from state-controlled domestic firms ONGC and Oil India.
India depended on crude imports to meet 85pc of its needs, or 4.5mn b/d, in the April 2019 to March 2020 fiscal year. Imports of LNG accounted for 53pc or 33.7bn m³ of the country's 63.9bn m³ gas consumption in the period, compared with 47pc a year earlier, the oil ministry said.
