According to India Import Data, from 2019 to 2020, India imported oil worth $101.4 billion. India has a capacity of over 249.36 million tonnes per annum and is known as a key reining hub in Asia.
In February 2021, India shipped around 3.92 million barrels per day of oil. The data of India imports show India is the third-largest importer of oil and consumer in the world. India relies heavily on the Middle East to meet its requirement of crude oil and around 84% of India's crude oil imports are shipped from the Middle east.
India has the plans and 23 refineries to grow and optimize its refining capacity to 400 mtpa (Million Tonnes Per Annum) by 2025.
Iraq | 867,500 BPD |
United States | 545,300 BPD |
Nigeria | 472,300 BPD |
Saudi Arabia | 445,200 BPD |
Saudi Arabia slipped to number four in Feb 2021 for the first time since 2006 because this country has consistently been one of the top two oil suppliers for India.
Middles East | 52.7% |
Africa | 15% |
United States | 14% |
India’s Oil Import Policy
● After the Opec-plus decision to retain supply curbs the global prices of crude oil have increased.
● India has now started to look for an alternative to Opec as the domestic demand and the prices of diesel and petrol record highs.
● India is currently working on diversifying its energy basket with crude oil imports from Opec nations.
● With its shipment value of 2.89 million mt, Iraq has retained its position as the top supplier of crude oil in Feb 2021.
● To save its citizens from the rising prices of petroleum and diesel, India is now looking to Russia, its old energy partner country. In Feb 2020, India signed a contract with Russia for crude oil sourcing.
● The agreement was for two million metric tonnes of Urals grade supply to India and was signed by Rosneft and Indian Oil Corporation.
Top 15 Crude Oil Exports Country
Country | Value in USD ($) | Share in % |
Saudi Arabia | $113.7 Billion | 17.2% |
Russia | $72.6 Billion | 11% |
Iraq | $50.8 Billion | 7.7% |
United States | $50.3 Billion | 7.6% |
United Arab Emirates | $47.9 Billion | 7.2% |
Canada | $47.6 Billion | 7.2% |
Kuwait | $28.3 Billion | 4.3% |
Nigeria | $25.2 Billion | 3.8% |
Kazakhstan | $23.7 Billion | 3.6% |
Norway | $22.7 Billion | 3.4% |
Angola | $20.2 Billion | 3.1% |
Brazil | $19.6 Billion | 3% |
United Kingdom | $16.1 Billion | 2.4% |
Oman | $15 Billion | 2.3% |
Mexico | $14.9 Billion | 2.2% |
In 2020, these top 15 countries shipped 85.9% of total crude oil globally by value.
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Top Importer of India
1 INDIAN OIL CORPORATION LIMITED
2 BHARAT PETROLEUM CORPORATION LIMITED
3 RELIANCE INDUSTRIES LIMITED
4 HINDUSTAN PETROLEUM CORPORATION LIMITED
5 NAYARA ENERGY LIMITED
6 SAMSUNG INDIA ELECTRONICS PRIVATE LIMITED
7 CHENNAI PETROLEUM CORPORATION LIMITED
8 MANGALORE REFINERY & PETROCHEMICALS LIMITED
9 HPCL MITTAL ENERGY LIMITED
10 HDFC BANK LIMITED
11 OPPO MOBILES INDIA PRIVATE LIMITED
12 YES BANK LIMITED
13 MANGALORE REFINERY AND PETROCHEMICALS LIMITED
Importers | Value in USD % |
INDIAN OIL CORPORATION LIMITED | 6.7% |
BHARAT PETROLEUM CORPORATION LIMITED | 4.11% |
RELIANCE INDUSTRIES LIMITED | 3.15% |
HINDUSTAN PETROLEUM CORPORATION LIMITED | 2.35% |
NAYARA ENERGY LIMITED | 1.54% |
SAMSUNG INDIA ELECTRONICS PRIVATE LIMITED | 1.24% |
CHENNAI PETROLEUM CORPORATION LIMITED | 1.23% |
MANGALORE REFINERY & PETROCHEMICALS LIMITED | 1.13% |
HPCL MITTAL ENERGY LIMITED | 1.07% |
HDFC BANK LIMITED | 1.05% |
OPPO MOBILES INDIA PRIVATE LIMITED | 0.93% |
YES BANK LIMITED | 0.9% |
MANGALORE REFINERY AND PETROCHEMICALS LIMITED | 0.4% |
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