Union Commerce Minister Anand Sharma recently indicated thatimports of crude oil have risen in 2011-12.Official data on India's crude imports in 2011-12 are not yet available.
In the last four years, the country's imports of crude oil grew 34 per cent to 163.5 million tonne. But the import bill has shot up by twice this sum and is up 67 per cent to Rs 455,909 crore in 2010-11. This captures the impact of higher global crude oil prices.
India relies on imported crude for about 80 per cent of its total requirement. Crude oil production in the country stood at 38.1 million tonne in 2011-12, 1 per cent higher than the previous fiscal.
Flagship explorer ONGC was primarily responsible for the slippage against production targets, as per the data, with its output of 23.7 million tonne — 3 per cent below the ministry's estimate.
In sharp contrast, sister public sector oil and gas firm Oil India exceeded expectations for the one-year period, notching up output of 3.8 million tonne of crude, 7.4 per cent higher than the target.
Private and joint venture explorers also helped to make up for some of the shortfall in ONGC production, with their fields producing a combined 10.7 million tonne of crude in 2011-12, as per the provisional data.