What was the Crude Oil growth rate of India in March 2018? 

The correct answer is -0.016.

Key Points

• India's crude oil production growth rate in March 2018 was -0.016, reflecting a decline in production compared to the previous year.
• The negative growth rate indicates a contraction in crude oil production output, which has implications for energy security and the industrial sector.
• Crude oil production is a critical indicator of the energy sector, influencing import dependency and domestic energy prices.
• India imports a significant portion of its crude oil requirements, making domestic production trends crucial for economic planning.
• Factors such as aging oil fields, technical challenges, and infrastructure issues often contribute to declining production rates.

Additional Information

• Crude Oil Production:
  • Crude oil is a naturally occurring liquid fossil fuel extracted from underground reservoirs.
  • It serves as a primary source for producing petroleum products such as gasoline, diesel, and jet fuel.
  • India's key crude oil production regions include offshore fields like Bombay High and onshore fields in Assam and Gujarat.
• Energy Import Dependency:
  • India imports over 80% of its crude oil needs, making it highly dependent on international markets.
  • Fluctuations in global oil prices directly impact India's trade deficit and inflation rates.
• Challenges in Domestic Production:
  • Declining output from mature oil fields due to depletion of reserves and technical challenges.
  • Delays in exploration and development of new oil fields.
  • Inadequate investment in advanced extraction technologies.
• Government Initiatives:
  • Policies to promote exploration and production under the Hydrocarbon Exploration and Licensing Policy (HELP).
  • Strategic petroleum reserves have been established to ensure energy security in case of supply disruptions.