Base Oil Report
India’s crude oil production fell for the sixth consequent year in 2017-18 to 35.68 million tonne, pushing the country’s import dependence for crude further to 82.8 per cent and dampening prospects for the centre’s plan to cut reliance on energy imports by 10 per cent through 2022.
Te fall in the country’s crude oil production may lead to increase India’s oil import bill by 20 per cent to $105 billion in 2018-2019. Crude oil production has been on a decline primarily due to fall in output from nearly all offshore and onshore blocks.
As per the data analysis, import of the country has gone up by 34% during Jan to March 2018, as compared to same period last year i.e. Jan to March 2017. Compared to last month i.e. February 2018, import of the country has increased by 5% in the month of February 2018. India import has gone up by 32% in March 2018, as compared to same period last year i.e. March 2017.
| Month | Group I-SN 150 Iran Origin | Group II-J-500 Singapore Origin | N-70 South Korea Origin | Bright Stock |
|---|---|---|---|---|
| March 2018 | 750 – 760 | 825 – 835 | 755 - 765 | 1165 – 1175 |
| April 2018 | 765 – 775 | 820 – 830 | 765 - 775 | 1175 - 1185 |
| May 2018 | 775 – 785 | 830 - 840 | 775 - 785 | 1185 - 1195 |
| Since January 2018, prices have gone up by USD/PMT in May 2018 | 55 (8%) | 50 (6%) | 67 (9%) | 45 (4%) |
