The crude oil industry in India dates back to 1889 with the discovery of the first oil reserve in the country in Digboi, Assam. India in total has crude oil reserves of 594.49 million tonnes, but with the second largest population in the world, it imports around 82% of the crude oil for domestic consumption.
According to the crude oil import data, imports of crude oil in India increased to 19.30 tonne Million in October from 16.82 tonnes Million in September of 2019. Imports of Crude Oil in India averaged 17.66 tonnes, Million, from 2014 until 2019, reaching a high of 21.10 tonne Million in October of 2018 and a low of 12.99 tonnes Million in February of 2015.
India was the
third-largest crude oil importer after the US and China in 2018 and expected to
occupy second place surpassing the US in 2019. The main crude oil importers in India in 2018 are –
Despite the trade sanctions laid by the USA on Iraq, it for the consecutive second year in a row India's top crude oil supplier, meeting more than a fifth of the country's oil needs in the 2018-19 fiscal year.
Major crude importing partners of India since 2014 are Russia (612.4%), Oman (226.7%), Iraq (43.7%) and Iran (36.7%). But in the followed years some of India's crude importing partners have experienced declines in the value of their oil supplied to Indian importers such as Qatar (down -64.3%), Kuwait (down -55.9%), Brazil (down -50.7%) and Venezuela (down -43.4%).
Crude oil import data from the oil ministry’s Petroleum Planning and Analysis Cell (PPAC) showed that India’s crude oil imports rose to a 4-month peak in August 2019. India and China are Asia’s biggest importers and buy a combined 12% of the world’s oil. This paved the way forward to the increased opportunities for crude oil import by the Indian importers.
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