CRUDE OIL IMPORTS - ECONOMY

News: India’s reliance on crude oil imports rises to 87.8% in April-September

 

What's in the news?

       India’s reliance on imported crude in the April-September period of the current financial year ending March rose to 87.8 per cent from 86.5 per cent in the corresponding period last year as consumption of fuels and other petroleum products increased while domestic production was flat, latest oil ministry data showed.

 

Key takeaways:

       India saved roughly $2.7 billion by importing discounted Russian oil in the first nine months of this year, according to calculations based on government data, helping it support economic growth and easing pressure on its trade deficit.

       Crude oil accounts for about a third of India's overall imports by value.

 

Go back to basics:

       After the U.S. and China, India is the world’s third-largest consumer of oil, over 85 percent of which is imported.

       India, the world’s third-biggest oil-importing and consuming nation, has long defended purchases of crude oil from Russia following President Vladimir Putin ordering the invasion of Ukraine.

       The bulk of supplies come from the Middle East and the US.

       Imports include oil which it converts to petroleum products after refining.

       India exports petroleum products - accounting for more than 13% of its total exports - to more than 100 countries.

       India has taken advantage of discounted prices to ramp up oil imports from Russia at a time when global energy prices have been rising.

 

Present stats (October 2023):

India imports oil from the country as follows (top to bottom).

       Russia

       Iraq

       Saudi Arabia

       US

       Nigeria.