India's dependency on petroleum products remains a critical aspect of its economic and energy landscape. As one of the world's largest consumers of oil, the nation's imports of petroleum products play a crucial role in shaping its trade balance, energy security, and economic stability. In this blog, we will discuss the comprehensive analysis of India’s petroleum product imports for the fiscal year 2022–23.
As we know, India is the world's third-largest importer of crude oil and the second-largest importer of petroleum products. Its dependence on oil imports has been growing in recent years due to its rising population and economic growth.
India's first oil well was established in 1867, but the country's oil production has never been able to meet its demand.
According to crude oil import data released by the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry, India's reliance on imported crude increased slightly to 88.3 percent in April–June from 86.5 percent a year earlier as fuel and other petroleum product consumption increased while domestic oil production slightly decreased.
The first quarter (Q1) of the current fiscal year (FY24) recorded a larger reliance on imported crude than the whole year of the previous fiscal, which recorded an all-time high of 87.4% as per India Import Data.
Although the government is trying to reduce India's overdependence on imported crude oil, it set a goal in early 2015 to decrease the country's dependency on oil imports from 77% in 2013–14 to 67% by 2022, but the dependence has only increased.
Excessive reliance on imported crude oil makes the Indian economy vulnerable to global oil price volatility, apart from having a bearing on the country’s, foreign exchange reserves, the rupee’s exchange rate, and inflation.
India's oil demand is expected to peak in the next few years, but the country's oil import bill is only expected to increase by 10% in the next nine years. This is because India is taking steps to reduce its dependence on oil imports, such as increasing the use of renewable energy and improving energy efficiency.
Here are some additional details:
As per crude oil import data, India's oil imports increased by 9.5% in FY2022-23 to 227.3 million metric tons (MT). The top five suppliers of crude oil to India were Saudi Arabia, Iraq, the United Arab Emirates, Nigeria, and the United States. The top five suppliers of petroleum products to India were Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, and the United States. Based on import data for crude oil, India's crude oil import bill increased to $158 billion in FY2022-23 from $121 billion in the previous year. The rising cost of oil imports is a major challenge for India's economy.
The report also highlights the steps that India is taking to reduce its dependence on oil imports. These include increasing the use of renewable energy, improving energy efficiency, and developing domestic oil and gas resources.
As per India's Oil import data, Russia is the top importer of crude oil into India. In May 2023, Russia supplied 42% of all crude oil imported by India, followed by Iraq (27%), Saudi Arabia (18%), the United Arab Emirates (9%), and the United States (5%).
According to industry figures, India's imports of inexpensive Russian oil set a new high in May 2023 and now exceed the country's total purchases of oil from Saudi Arabia, Iraq, the United Arab Emirates, and the United States.
According to data from energy cargo tracker Vortexa, India purchased 1.96 million barrels per day from Russia in May 2023, 15% more than the previous high in April 2023.
Russia remained the largest crude oil supplier for the ninth consecutive month, accounting for 42% of all the oil that India imported.
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India's dependence on petroleum products is a major challenge for the country's economy. The rising cost of oil imports is a major challenge, and India is vulnerable to global oil price volatility. The government is taking steps to reduce this dependence, such as increasing the use of renewable energy and improving energy efficiency.
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