May crude oil processing rises y/y, but supply risks loom
May crude production by Oil India Ltd was about 4% less than the target, Friday's release from the Ministry of Petroleum and Natural Gas said, attributing the dip to 'Less than planned contribution' from oil wells and "local disturbance and miscreants activities in main producing area." But the recovery may be short-lived as production problems persist, compounded by mature oilfields and the lack of drilling while India's dependence on foreign oil increases, with "the trend unlikely to be reversed," Ul Haq added.