Crude oil production recorded as nine years low

Commodities MCX

India produced 31,349 TMT of crude oil in the first eleven months (April-February) of the current financial year (2018-2019), the lowest output recorded in the past nine years during the same period, according to fresh data sourced from the oil ministry. The declining trend in the country’s domestic crude oil production is coming at a time when the country’s oil import bill has already ballooned 29 percent to $102.9 billion during the April-February period of the current fiscal.  Also, the decline in domestic crude oil production has pushed India’s oil import dependence to 83.80 per cent, the highest recorded in the April-February period in the last five years for which data is publicly available. The government had earlier said it is working towards a plan to reduce the country’s crude oil import dependence by 10 per cent by 2022. India’s crude oil production in February 2019 declined 6.4 per cent to 2,564 TMT, as compared to 2,731 TMT produced in the corresponding month a year ago, primarily due to fall in production from fields operated by Oil and Natural Gas Corporation (ONGC), private players and fields operated under a Joint Venture, data showed. Cumulatively India’s crude oil production in April-February period declined 4 per cent to 31,349 TMT, as compared to 32,643 TMT recorded in the corresponding period a year ago.

This week commodity market Gold, Silver and Crude Oil futures contracts closed with gains and losses as follows:

GOLD 10 g” (99.9 Pure)

  • In the commodity market last week Gold April 2019 futures contract closed at ₹31,734 with the aggregate loss of ₹406 only.
  • This week Gold April futures contract opens at ₹31,695 on Monday
  • Gold highest gain ₹50 on Friday.
  • Gold highest loss ₹208 on Monday.
  • Week last day i.e. Friday Gold closed at ₹31,542 with the aggregate loss of ₹192 only.

SILVER (1 KG)

  • Silver May 2019 futures contract closed at ₹37,761 with an aggregate loss of ₹601 only.
  • This week Silver May futures contract opens at ₹37,804 on Monday.
  • Silver highest gain ₹242 on Tuesday
  • Silver highest loss ₹245 on Tuesday
  • Week last day i.e. Friday Silver closed at ₹37,519 with the aggregate loss of ₹242 only.

CRUDE OIL (1 BBL)

  • Coming to the Crude oil April 2019 futures contract closed at ₹4,185 with an aggregate gain of ₹110 only.
  • This week Crude oil April futures contract opens at ₹ 4,193 on Monday
  • Crude Oil highest gain ₹95 on Monday
  • Crude Oil highest loss ₹40 on Wednesday
  • Week last day i.e. Friday Crude oil closed at ₹4,362 with the aggregate gain of ₹177 only.

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