Ageing wells, govt pricing, tax policies hamper crude oil production

Production has been falling consistently over years

The eight-industry core sector output index grew by 8.2 per cent in June year-on-year (YoY). The output index rose just 0.7 per cent in October 2022. It declined 3.8 per cent in February 2021. While the output index rose sharply, grew moderately and declined in three different time sets, there is one constant thing in all of them. That is crude oil.

The crude oil output index declined at all these points in time. In fact, crude oil production index fell each month for the past five-and-a-half years barring May 2022, when it rose on a very low base of