Oil companies' shares were mostly trading lower on Friday after the government data showed India’s overall crude output declining in May. Additionally, uncertainty remained on whether OPEC would manage to agree on a production increase in its Vienna meeting.
At 11.07am, ONGC shares were trading 0.34% lower, or 0.55 points, at Rs 159.15 on the BSE while IOC was trading 0.53% higher, or 0.90 points up, at Rs 171.10. HPCL was trading 0.49% lower, down by 1.55 points, at Rs 313.65 and BPCL was trading 1.63% higher, or 6.85 points up, at Rs 428.25.
India's crude oil production dropped 3 percent to just over 3 million tonnes in May on the back of dip in output from fields operated by state-owned ONGC. ONGC produced 1.84 million tonnes of crude oil in May as compared to 1.93 million tonnes in the same period last year, an official statement said.
The firm's output in April-May dipped 4.3 percent to 3.62 million tonnes. This resulted in a drop in the country's oil production to 5.9 million tonnes from 6.03 million tonnes in April-May of 2017.
Natural gas output dropped 1.4 percent to 2,768 billion cubic meters in May as private sector firms produced less.
(With PTI inputs)