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India's Import of Petroleum Products: Detailed Oil Trade Report for FY2022-23

crude oil import data

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.

India's Growing Dependence on Oil Imports

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 to Peak, Import Bill to Rise by 10%

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:

  • India's oil demand is expected to peak at 9.7 million barrels per day (bpd) in 2027 before declining to 8.8 million bpd by 2040, as per Export import data India.
  • India's oil import bill is expected to reach $172 billion in 2023–24 before rising to $205 billion by 2030.
  • India is taking steps to reduce its dependence on oil imports, such as increasing the use of renewable energy (such as solar and wind power) and improving energy efficiency.
  • The rising cost of oil imports is still a major challenge for India's economy, as it can lead to inflation and slow economic growth.

Oil Trade Report for FY 2022-23

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.

Who imports the most crude oil to India?

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.

You may require updated HSN Codes for petroleum products, crude export and import data, and petroleum export data. All these market information reports are readily available on the Seair Exim Solutions data-driven platform; you can easily search hs code and analyze the current market trends of petroleum products without any hustle and bustle.

How to Find Oil Import Data?

To find the most updated and authentic oil import data, you can visit the Seair Exim Solutions platform to gain access to the real-time oil import database in India. We provide the most accurate and genuine Export Import Data, India import data, HS Code, etc.

Seair Exim Solutions is a company that provides import and export data and offers reliable, current, and authentic information about international trade for 80+ countries. Along with other items, we also offer US Imports Data and an updated US importer List.


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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If you are having trouble finding import and export data for petroleum products, you can consider our experts. We have in-depth market expertise, and we can assist you in finding potential customers and developing business contacts in the international trade sector. Avoid sitting on it for much longer! Request a free live demo now!

  • Seair Exim
  • 23-Aug-2023

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