Crude Oil Imports in India: Key Statistics and Top Importers

The history of India’s crude oil industry dates back to 1889, with the discovery of the first oil reserve in Digboi, Assam. Despite having total crude oil reserves of 594.49 million metric tons, India’s vast population — exceeding 1.4 billion people — requires much more energy than domestic production can meet. As a result, India imports around 82% of its crude oil to fulfill its energy needs, making it the world’s third-largest oil consumer. This blog will explore India’s growing energy demand, analyze the latest crude oil import data, and discuss emerging trends and key players in the industry.

Rising Demand for Crude Oil in India

India’s rapid economic growth has led to a surge in energy demand, with crude oil playing a central role in meeting the country’s energy requirements. In August 2023, the India Meteorological Department reported a 300 kb/d (thousand barrels per day) decline in oil consumption due to seasonal factors, including monsoon rains that were 5% above average. Gasoline consumption, crucial for the industrial sector, dropped by 70 kb/d, showing negative growth compared to the previous year.

Despite these fluctuations, India’s crude oil consumption is projected to grow significantly, with anticipated increases of 200 kb/d in 2024 and 230 kb/d in 2025, according to the International Energy Agency (IEA). The country is expected to record the largest increase in oil consumption globally during this period.

India’s Crude Oil Consumption and Production: FY24 Overview

In the fiscal year 2023–24 (FY24), India’s crude oil consumption increased by 4.6%, reaching 233.3 million metric tons (MMT). Meanwhile, domestic production saw a slight uptick of 0.6%, rising to 29.4 MMT from 29.2 MMT the previous year. Despite this increase, the country remains heavily reliant on imports, bringing in 232.5 MMT of crude oil — almost unchanged from the previous year.

Crude Oil Imports in India: Detailed Analysis

According to data from the Petroleum Planning and Analysis Cell (PPAC), India imported 232.5 MMT of crude oil in FY24, refining it into essential fuels like gasoline and diesel. This figure is comparable to the 232.7 MMT imported in FY23. However, the import bill dropped by 16% to $132.4 billion from $157.5 billion, largely due to favorable foreign exchange rates. The country’s dependency on imported crude oil also increased, reaching 87.7% in FY24.

According to India crude oil import data, In May 2024, Crude import in India reached a peak of 21.8 MMT, a 2% increase from the previous month and a 6% rise year-over-year. However, seasonal factors like the monsoon season led to a decline in imports during the summer months.

Key Crude Oil Importers in India

India is the third-largest crude oil importer globally, after the United States and China, and is expected to surpass the U.S. in 2024. The leading crude oil importers in India include:

1. Rosneft-Backed Nayara Energy: A key refiner that is especially known for producing winter-specific diesel for the European Union.
2. Reliance Industries Limited (RIL): The world’s largest integrated refinery.
3. Indian Oil Corporation (IOC): A government-owned entity that provides a diverse range of refined petroleum products.
4. Bharat Petroleum Corporation Limited (BPCL): A major player in refining and distributing petroleum products.
5. Hindustan Petroleum Corporation Limited (HPCL): Sole owner of two significant refineries.
6. Oil and Natural Gas Corporation (ONGC): A government-owned leader in oil and gas exploration.
7. Bharat Oman Refinery Limited (BORL): A joint venture between BPCL and Oman Oil Company.
8. Chennai Petroleum Corporation Limited (CPCL): Known for refining crude oil into a variety of petroleum products.

Top Crude Oil Suppliers to India

In 2023, Iraq was India’s largest supplier of crude oil, accounting for $37.1 billion in imports. Other key suppliers include Saudi Arabia ($32.7 billion), Russia ($25.5 billion), and the United Arab Emirates ($14.8 billion). India’s diversification of suppliers helps manage risks associated with geopolitical tensions and market volatility. Also, get Ethiopia Import Data

Top Crude Oil Importing Countries

The top 10 crude oil importing countries are:

1. China
2. Europe
3. United States
4. Other Asia Pacific
5. India
6. Japan
7. Singapore
8. Canada
9. South and Central America
10. Other CIS

China remains the largest importer, but India’s growing demand is projected to make it the fastest-growing oil consumer in 2024, with a rise of 200,000 barrels per day (kb/d).

Conclusion

India’s energy demand is set to rise as its economy expands and its population grows. While crude oil will continue to play a significant role in India’s energy mix, the country is actively working to diversify its energy sources and reduce its reliance on imports. This includes investments in renewable energy, improving energy efficiency, and exploring domestic reserves.

What are your thoughts? How can India further reduce its reliance on crude oil imports while meeting its growing energy needs? If you have any questions regarding crude oil import data in India or want a more detailed analysis, connect with experts from Seair Exim Solutions for accurate and up-to-date information. For a free sample data report and live demo, reach out to us today!