Now Reading: Oil India, ONGC diverge on crude output, refining rebounds
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Oil India, ONGC diverge on crude output, refining rebounds
Oil India Ltd reported a 2.8% sequential and 17.5% year-on-year rise in crude output from its nominated fields in July 2026, while ONGC's production slipped 1.1% month-on-month and 3.4% year-on-year to 1.39…
Oil India Ltd reported a 2.8% sequential and 17.5% year-on-year rise in crude output from its nominated fields in July 2026, while ONGC's production slipped 1.1% month-on-month and 3.4% year-on-year to 1.39 million tonnes, according to a JM Financial sector update.
Overall domestic crude output held steady at 2.3 million tonnes month-on-month. On the downstream side, India's refining throughput recovered to 5.6 million barrels per day, operating at 107% capacity utilisation in July, up from 100% in June. BPCL led with utilisation at 122%, RIL at 111%, and IOCL at 105%, while HPCL slipped to 90%.
Crude imports rose 13.3% year-on-year and 5.7% sequentially to 5.1 million barrels per day (21.4 million tonnes) in July.
Indian Opinion Analysis
The divergence between Oil India and ONGC highlights differing asset maturity and investment cycles within state-owned upstream firms. ONGC's decline comes amid a broader push by the government to raise domestic output through the Open Acreage Licensing Policy and production-sharing contracts. On the downstream side, HPCL's slip at 90% utilisation is notable against the industry average of 107%, potentially reflecting plant maintenance or feedstock issues. The next key data point will be August 2026 production and import numbers, which will indicate whether the refining recovery is sustained.
Source: energy.economictimes.indiatimes.com
This story was synthesised by AI from the source linked above.
