CRUDE
OIL IMPORTS - ECONOMY
News: India’s reliance on crude oil
imports rises to 87.8% in April-September
What's
in the news?
●
India’s reliance on imported crude in the
April-September period of the current financial year ending March rose to 87.8
per cent from 86.5 per cent in the corresponding period last year as
consumption of fuels and other petroleum products increased while domestic
production was flat, latest oil ministry data showed.
Key
takeaways:
●
India
saved roughly $2.7 billion by importing discounted Russian oil in the first
nine months of this year, according to calculations based on
government data, helping it support economic growth and easing pressure on its
trade deficit.
●
Crude oil accounts for about a third of
India's overall imports by value.
Go
back to basics:
●
After
the U.S. and China, India is the world’s third-largest consumer of oil, over 85
percent of which is imported.
●
India, the world’s third-biggest
oil-importing and consuming nation, has long defended purchases of crude oil
from Russia following President Vladimir Putin ordering the invasion of
Ukraine.
●
The bulk of supplies come from the Middle
East and the US.
●
Imports include oil which it converts to
petroleum products after refining.
●
India
exports petroleum products - accounting for more than 13% of its total exports
- to more than 100 countries.
●
India has taken advantage of discounted
prices to ramp up oil imports from Russia at a time when global energy prices
have been rising.
Present
stats (October 2023):
India imports oil from
the country as follows (top to bottom).
●
Russia
●
Iraq
●
Saudi Arabia
●
US
●
Nigeria.