#oil import

[seairexim]

Import of Oil in India: A 2024 Overview

India, one of the fastest-growing economies globally, is heavily reliant on imported oil to meet its energy needs. As of 2024, oil imports play a crucial role in India’s economic stability, given the country's limited domestic production and its burgeoning industrial and transportation sectors. The demand for crude oil continues to increase, making India one of the largest oil importers in the world.

In this article, we will dive into the key trends shaping import of oil in India in 2024, examine the major oil importers in India, analyze the oil importers by country, and explore the latest Indian oil imports data.

Current State of Oil Imports in India (2024)

India is the third-largest oil importer globally, accounting for around 10% of total global oil imports. This reliance is driven by India’s limited domestic oil reserves, which only meet a fraction of the country’s energy needs. The demand for oil in India continues to rise due to rapid industrialization, population growth, and expanding transportation networks.

India's oil imports are crucial to fueling its key sectors such as transportation, power generation, and manufacturing. According to the latest Indian oil imports data, the country imports approximately 85% of its total crude oil consumption. The ongoing geopolitical tensions and global supply chain disruptions in recent years have only increased India's focus on diversifying its oil sources and securing stable supply routes.

Major Oil Importers in India

In 2024, several major oil companies, refineries, and private-sector players are involved in importing oil into India. Among the top oil importers in India are:

Indian Oil Corporation Limited (IOCL) – As the largest public sector oil company in India, IOCL is a major player in the importation of crude oil, processing over 1.6 million barrels per day.

Bharat Petroleum Corporation Limited (BPCL) – A government-owned entity that plays a critical role in meeting India's energy demands through oil imports.

Hindustan Petroleum Corporation Limited (HPCL) – Another key player, HPCL, imports a significant amount of crude oil to meet the needs of its refineries and distribution network.

Reliance Industries Limited – Reliance, a major private-sector company, operates the largest refining complex in the world in Jamnagar, Gujarat, and is one of the largest private oil importers in India.

Nayara Energy – Formerly known as Essar Oil, Nayara Energy imports oil to fuel its refining and distribution operations across the country.

These companies primarily rely on crude oil imports to keep their refineries running and to meet the country’s high demand for petroleum products.

Key Oil Importers by Country

India sources its crude oil from a variety of countries, with Middle Eastern nations being the dominant suppliers. The following countries are among the leading oil importers by country to India in 2024:

Saudi Arabia – Saudi Arabia continues to be one of the largest suppliers of crude oil to India. As part of OPEC, it plays a critical role in India’s energy security by providing a steady flow of oil. In 2024, Saudi Arabia supplies over 17% of India’s total oil imports.

Iraq – Iraq remains the top oil exporter to India, contributing nearly 22% of India's total crude oil imports. Despite geopolitical instability in the region, Iraq has maintained stable oil production and export levels to meet India’s growing demand.

United Arab Emirates (UAE) – The UAE is another critical supplier for India, accounting for around 10% of the country's oil imports. The relationship between India and the UAE is strong, with several ongoing projects aimed at further deepening trade and energy ties.

United States – In recent years, the U.S. has emerged as a major oil supplier to India, with its exports of shale oil increasing. In 2024, the U.S. contributes around 8% to India’s oil imports, as India seeks to diversify its suppliers and reduce dependence on the Middle East.

Russia – With the geopolitical realignments post-Ukraine war and Western sanctions, Russia has been exporting discounted oil to countries like India. By 2024, Russian oil accounts for nearly 15% of India’s imports, making it one of the fastest-growing suppliers to the Indian market.

Other notable oil exporters to India include Kuwait, Nigeria, and Brazil. The diversification of suppliers is a crucial part of India’s energy strategy, as it reduces reliance on any single region and ensures the stability of imports.

Indian Oil Imports Data: Key Insights for 2024

Volume of Imports

As of 2024, India imports approximately 4.5 million barrels of crude oil per day. This figure represents a slight increase from previous years, reflecting India’s growing energy needs. With limited domestic production, the country has no choice but to rely heavily on imports to meet over 85% of its crude oil consumption.

Import Expenditure

India's expenditure on oil imports is expected to reach nearly $140 billion in 2024. This increase in expenditure is partly due to rising global oil prices and higher import volumes. The Indian government continues to monitor global price fluctuations and the potential impact on inflation and the country’s fiscal balance.

Strategic Petroleum Reserves

India has been expanding its strategic petroleum reserves (SPR) to safeguard against supply disruptions and price volatility. In 2024, the country has reserves equivalent to around 12 days of oil consumption. The government has also announced plans to further increase these reserves in collaboration with other key suppliers like the UAE and the U.S.

Shifts in Import Patterns

India’s oil import patterns have seen a shift in 2024, with an increasing focus on Russia, the U.S., and African nations like Nigeria and Angola. The India-Russia oil trade, in particular, has grown substantially since 2022, with Russia providing discounted crude in light of Western sanctions. This shift has allowed India to hedge against price volatility in the Middle East.

Challenges in India's Oil Import Landscape

Despite the growing diversification of suppliers, India's oil import landscape in 2024 faces several challenges:

Geopolitical Instability – Ongoing conflicts in oil-producing regions, particularly in the Middle East and Russia, continue to pose risks to India’s energy security.

Price Volatility – Fluctuations in global oil prices, driven by factors such as OPEC production cuts, inflation, and geopolitical tensions, have made it difficult for India to stabilize import costs.

Environmental Concerns – The Indian government has made a commitment to shift toward cleaner energy sources. However, the country’s heavy reliance on oil imports may slow down the transition to renewable energy, even as it works to reduce carbon emissions in the coming decades.

Conclusion

As India moves through 2024, its dependency on oil imports remains a cornerstone of its energy policy. With major oil importers in India like IOCL, Reliance, and BPCL leading the charge, the country continues to source oil from key players in the Middle East, the U.S., and Russia. The latest data on Indian oil imports reflect the country’s need to secure diversified oil supplies to ensure economic stability, despite challenges such as price volatility and geopolitical risks.

Frequently Asked Questions

1. What is the current status of oil imports in India in 2024? In 2024, India remains one of the largest oil importers globally, importing approximately 4.5 million barrels of crude oil per day. This reliance on imports accounts for about 85% of the country’s total crude oil consumption, reflecting the increasing demand driven by industrial growth and a rising population.

2. Who are the major oil importers in India? The major oil importers in India include Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), Reliance Industries Limited, and Nayara Energy. These companies play a critical role in meeting India’s oil demands through their extensive import operations.

3. Which countries are the top oil importers to India? As of 2024, the leading oil importers by country to India are Iraq, Saudi Arabia, the United Arab Emirates (UAE), the United States, and Russia. Iraq holds the largest share, contributing around 22% of India’s total crude oil imports, followed by Saudi Arabia with 17%.

4. How does Indian oil imports data reflect the country’s energy needs? The Indian oil imports data for 2024 indicate that the country is projected to spend nearly $140 billion on oil imports. This significant expenditure underscores India's reliance on external oil sources to fuel its growing economy and meet energy requirements.

5. What challenges does India face regarding its oil import strategy? India’s oil import strategy in 2024 is challenged by geopolitical instability in oil-producing regions, price volatility in global oil markets, and the need to transition to cleaner energy sources. These factors can affect the stability and cost of oil imports, impacting India’s overall energy security.

[flowersandfashion]

hot twink is tied up and penetrated

A Collection of Homoerotic Paintings of Saint Sebastian

Carlo Saraceni, c. 1610 /// Nicolas Régnier, c. 1620 /// Guido Reni, c. 1625 /// Nicolas Régnier, c. 1625 /// Louis Finson, c. 1613 /// François-Guillaume Ménageot, c. 1760 /// Guido Reni, c. 1615 /// Nicolas Régnier, c. 1620

[livemintvideos]

Russia's crude oil export to India surged to a new record in December 2022. Moscow has remained the top oil supplier of India for consecutive months. According to data from energy cargo tracker Vortexa, India imported crude oil from Russia 1 million barrels per day for the first time in December. Russia supplied 1.19 million bpd of crude oil to India in December alone. As per Vortexa report, it was the higher than 909,403 bpd of crude oil India imported from Russia in November and 935,556 bpd in October 2022. In this video, let's take a look at some of the causes that led to the increase in imports that we have seen.

[inkskinned]

as we enter the start of a semester and the dreaded Hour of Making Friends us upon us... if ur ever at a loss for what to say in one of those weird social situations where you only vaguely-know people, one of my favorite questions to ask is "what is your favorite food crime." a food crime is like the food combination that you love that other people find revolting. press them to take it further than pineapple on pizza, that's rote. food crimes is a good topic that has many benefits as it turns out all people are degenerates and also it will give you some cool ideas to try out later in the privacy of your own degenerate kitchen

the other good thing to ask is "okay but has anyone here ever been someplace haunted" bc it turns out if you ask most people directly they don't believe in ghosts, but many people are like "oh yeah i lived in a haunted house. ghosts aren't real tho"

[keyslox]

doodles them when I got back from work hurray!

(referenced a pose by @/albanenechi btw!)

[asexualaromanticautistic]

guys think about it.

He was alone. Doomed to be from the beginning. the child of wolves. The mad wizard. Found his pair and razed the grounds to ashes but without otherwordly meddling, would he have choosen him? If given a choice?

With the canary he felt pity. Desperate to kill, desperate to save. He found another team, a pity one stuck to past regulations, a pity that he killed one of them. He understands now and instead of going mad, he loves. He smiles from more than a successful kill, but from his company. Has allies with more than half of the server, even if one sided.

It's almost symbolic that his trap, designed to kill, failed him when he wanted to die. He's changed. A hand stained with so much more than blood now. He's happy and he's alive. He's happy and he's alive.

[mathes0n]

My partner asked me to draw evil Wheatley

[jordanswitches]

thinking about kneeling on your arms to pin them above your head, putting oil on your armpits and tickling them until you make noises you didn't know you could make, wbu

[rjzimmerman]

Excerpt from this story from Grist:

In the landscape of international finance for fossil fuels, some of the most important players are obscure government bodies known as “export credit agencies.” These agencies provide funding to companies seeking to build large and risky infrastructure projects, often in developing countries. In return, the developers of those projects purchase construction materials or other goods from the country of the agency. For instance, an oil pipeline company might take a loan from a German export credit agency in exchange for using German steel in the pipeline.

Export credit agencies have become some of the world’s largest public funding sources for energy infrastructure, providing far more money than multilateral institutions like the World Bank, while avoiding much public scrutiny. 

Now, as Joe Biden’s administration winds to a close, officials are working with international partners to push forward an agreement that would see export credit agencies pull back almost all funding for oil and gas projects, a measure the administration had balked on supporting before Donald Trump’s reelection.

The talks are taking place within the Organization for Economic Cooperation and Development, or OECD, a group of 38 wealthy countries that coordinate on export credit terms to prevent any one country from distorting trade relations. The countries are trying this month to hash out a verbal agreement on how to regulate their export credit agencies.

If such an agreement comes together, it would force a sea change in policy for the United States’ own export credit agency, which is known as the Export Import Bank of the United States, or EXIM. This independent agency is among the last remaining channels through which the U.S. government provides financial support to fossil fuel interests overseas. If the OECD agrees to stop export credits for fossil fuels, EXIM will have to cease approving loans to oil and gas infrastructure, potentially eliminating billions of dollars in future support for such projects.

[umblrspectrum]

one of these days I will make something I'm truly proud of again. something that makes me feel as great as I did on that artfight attack, but for my murder drones followers instead.

anyways here's something I spent about 7 minutes on and that i hate more and more by the second just to keep yall fed

[moeblob]

OC again gomen ... (her name is Yuma)

[seairexim]

India's Crude Oil Imports: Key Importers, Data, and Global Impact

India is the third-largest crude oil importer in the world, underscoring the nation’s reliance on foreign oil to meet its growing energy needs. As a rapidly developing economy, India requires vast amounts of energy, with crude oil playing a significant role in powering its transportation, industrial, and domestic sectors. The sheer scale of crude oil import in India places it among the top global players in energy consumption, and this dependence on imports has a substantial influence on both domestic and international markets.

This article delves into the dynamics of India crude oil imports by country, explores the crude oil importers in India, and provides a deep dive into India's crude oil import data. Understanding these facets will help provide a comprehensive picture of India’s energy landscape and its role in the global oil market.

Crude Oil Import in India: An Overview

Crude oil import in India has grown steadily over the past few decades. According to the Ministry of Petroleum and Natural Gas, India imports about 80-85% of its total crude oil needs, making it one of the most significant players in the global oil market. In recent years, geopolitical factors, fluctuating oil prices, and energy security concerns have shaped India's approach toward crude oil imports.

India's increasing urbanization and industrialization have intensified its energy demand. With renewable energy sources still in developmental phases, the need for fossil fuels remains dominant. As a result, India looks to countries across the globe to supply its crude oil needs, ranking it among the top 10 crude oil importing countries.

India's Crude Oil Imports by Country

India sources crude oil from a wide array of nations. The Middle East remains the predominant supplier, but India has diversified its oil import partners in recent years to mitigate the risks associated with over-reliance on a single region. The list show India crude oil imports by country

1. Saudi Arabia

Saudi Arabia has traditionally been one of the largest suppliers of crude oil to India. Its close proximity, established trade routes, and significant production capacity make it a reliable partner in meeting India’s energy needs.

2. Iraq

In recent years, Iraq has emerged as a key player, often overtaking Saudi Arabia as the leading supplier. With favorable pricing and high-quality crude oil, Iraq plays a crucial role in India's energy strategy.

3. United Arab Emirates (UAE)

The UAE is another major player in the Middle Eastern oil market and has strong trade relations with India. As part of the broader economic ties between the two nations, the UAE regularly supplies crude oil to Indian refineries.

4. United States

In recent years, the United States has become a significant supplier of crude oil to India. This is a result of increased oil production in the U.S. due to advancements in shale technology. India sees the U.S. as a crucial partner in diversifying its oil imports and ensuring energy security.

5. Nigeria

Nigeria is the leading African supplier of crude oil to India. The light, sweet crude oil from Nigeria is highly sought after due to its low sulfur content, which makes it easier to refine.

6. Russia

In recent years, Russia has become a more important supplier of crude oil to India. Although logistical challenges remain, India views Russia as a key player in its diversification strategy.

Top 10 Crude Oil Importing Countries

Globally, crude oil is one of the most traded commodities, and several nations rely heavily on imports to meet their energy needs. Apart from India, here are the top 10 crude oil importing countries:

United States: Despite being one of the largest oil producers, the U.S. still imports a significant amount of crude oil due to varying qualities of crude required by its refineries.

China: As the world’s largest oil importer, China sources crude oil from a wide range of countries, particularly in the Middle East and Africa.

India: India is the third-largest crude oil importer, sourcing oil from the Middle East, the U.S., and Africa.

Japan: Lacking domestic oil reserves, Japan relies heavily on imports to meet its energy demands.

South Korea: South Korea is another major oil importer, depending largely on Middle Eastern suppliers.

Germany: Germany imports crude oil to fuel its industries, and its primary suppliers include Russia and Norway.

Netherlands: A major hub for oil refining and trade in Europe, the Netherlands imports a significant amount of crude oil.

Italy: Italy relies on imports, primarily from North Africa and the Middle East, to meet its energy needs.

Spain: Spain imports crude oil from regions such as North Africa and Latin America to power its economy.

France: France imports crude oil mainly from the Middle East, Africa, and Russia.

Biggest Crude Oil Importers in India

India’s crude oil market is characterized by several key importers that play a vital role in managing the nation’s energy supplies. The biggest crude oil importers include public sector undertakings such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL). These companies manage a large share of India’s crude oil imports, refining capacity, and distribution network.

Additionally, private companies like Reliance Industries and Nayara Energy are significant importers of crude oil, operating some of the world’s largest refineries. Reliance’s refinery in Jamnagar is one of the largest single-location refineries globally, processing a large portion of India’s imported crude oil.

India's Crude Oil Import Data: A Snapshot

To understand the scale of India's crude oil imports, it is essential to look at the available data. In the fiscal year 2022-2023, India imported approximately 220 million metric tons of crude oil. The value of these imports fluctuates based on global oil prices but is consistently a significant part of India's trade deficit.

The diversification of supply sources, especially from regions like Africa and the U.S., has become increasingly important. India aims to reduce its dependency on any single region while continuing to secure favorable trade deals.

Conclusion

India’s crude oil imports are pivotal to its energy security and economic growth. As one of the biggest crude oil importers in the world, India has built strong relationships with suppliers across the globe, from the Middle East to the U.S. and Africa. The future of crude oil importers in India will be shaped by geopolitical factors, advancements in energy technologies, and India's evolving energy mix. Diversifying its supply sources and exploring alternatives to crude oil will remain critical to India’s energy strategy in the years to come. However if you need detailed report on India's crude oil import data, or crude Hs code mconnect with ExportImportData.in.

Also Read: Understanding Top Exports of Turkey in 2024: Key Insights

[claraameliapond]

Cultural Appropriation in Settler colonialism is nothing new, reaching into every facet of a country's identity and globally rebranding it as their own, to steal a history and an identity in an attempt to delegitamise native peoples, culture, history and community, erase their connection to their own land and violently assert the coloniser as 'authentic'.

Even in crops, produce and food, ingredients and recipes are stolen from Palestine and rebranded as 'Israeli' , in yet another blatant attempt to erase Palestinian culture, history and people and their true historical connection to their own land.

A country's food is its identity. Its history. Its connnection to land. All the things violent settler colonies like Israel wish to erase by ursurping. But it is not their history. It is not their identity. It is not their land. Zionists are historically European.

Do not let Israel erase Palestinian identity by staying silent about their cultural identity theft. Google Palestinan cuisine specifically, correct anyone anywhere and everywhere calling it Israeli. That is not their food. That is not their culture. That is not their History. That is Not their Land.

Israel has never been and is still not a peaceful immigrant population. They are genocidal thieves who wish to legitimise themselves and claim stolen land that has always belonged to other people by erasing the original native population, their culture, history and identity.

[gomzdrawfr]

One day I need to figure out the one drink/food that can sustain me when im extremely exhausted

Ya panda is rawdogging life by sheer will because:

1. Coffee makes me sleepy (or give me a head splitting headache no in between)

2. Tea works although not too long

3. Music also work sometimes but not consistent

[jeida-chi]

"What does my mentor do besides bring me roses?"

So I actually HATED how this portrait turned out (the oil pastels finally betrayed me 😔🥲) but aside from the eyes WHICH LOOK WRONG the color work was banging and I didn’t want it to go to waste (but still didn’t feel like spending more hours trying to save it;;;;) sooo yeah we’re going for artistic rendition idk lmaooo

thematically I think it works though hehe 🤭

Added the unaltered drawing if anyone is curious what it looked like 🙈

[viv-spn]

The most important leaf in human history.

It's full of stories, full of history. And full of a future that never got lived. Days that should have been that never were. Passed on to me. This leaf isn't just the past, it's a whole future that never happened. There are billions and millions of unlived days for every day we live. An infinity. All the days that never came. And these are all my mum's.