India's crude oil production may increase by 21% next fiscal year

According to reports, Indian Oil Minister Jaipal Reddy told media reporters that Indian crude oil production is likely to increase by 21% during the 2013-2014 fiscal year due to the start-up of a new oilfield like Khan's (India) company's Rajasthan block. It reached 45.77 million tons.

The Indian oil minister said that India produced 37.68 million tons of crude oil in the 2010-2011 fiscal year and is expected to increase to 38.18 million tons in the 2011-2012 fiscal year.

He said that India’s crude oil production will increase to 42.3 million tons in the 2012-2013 fiscal year and reach 45.57 million tons in the 2013-2014 fiscal year.

In India, 79% of domestic crude oil demand depends on imports from abroad.

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