India's Crude Oil Imports Declining: Reveals Research Report With Stats

02 November 2023

India’s crude oil (Heading 2709) imports rank among the top imports among the top 5 list of importing countries for crude oil globally. The consumption of crude oil in India is high and India comes in the third position for the most crude oil consumption on a global basis. The consumption of crude oil in India has only increased, considering the rapid industrialization and urbanization, especially in the post-pandemic environment. However, the trade statistics show fluctuations in the crude oil imports by India with projections for upcoming months.

India’s Crude Oil Imports – An Overview

India’s crude oil imports stood at a total value of $129.74 billion for the period from January to September 2023. The value of crude oil imports by India amounted to $229.91 billion in 2022. From January to September 2022, the value of crude oil imports by India was $177.69 billion.

For the period following the months from January 2022 to September 2023, the total quantity of imported crude oil in India was valued at $4.35 billion MTS. The total value of imported crude oil by India from January 2022 to September 2023 accounted for $359.65 billion.

India’s Crude Oil Imports – Top Partners

Russia, Iraq, Saudi Arabia, the United Arab Emirates, the United States of America, Kuwait, Malaysia, Argentina, Nigeria, and Indonesia are the top 10 partners for India’s crude oil imports. The total value of crude oil imports from the top 10 partner countries shown below is $298.13 billion.

India’s Crude Oil Imports – Monthly Basis

India’s crude oil imports monthly in 2022 amounted to—$15.9B in January, followed by $17.4B in February, $19.5B in March, $23.7B in April, $21.1B in May, $20.8B in June, $22.3B in July, $19.5B in August, $17.1B in September, $17.2B in October, $17.9B in November and $17B in December.

The monthly imports of crude oil by India in 2023 so far amounted—$16.1 billion in January, followed by $15 billion in February, $15.3 billion in March, $13.7 billion in April, $15.2 billion in May, $12.9 billion in June, $12.8 billion in July, $14.7 billion in August and $13.4 billion in September.

India’s Crude Oil Imports – Quarterly Trends

The quarterly imports of crude oil in India for 2022 registered the values in the following manner: $52.8 billion in the first quarter, followed by $65.7 billion in the second quarter, $59 billion in the third quarter, and $52.2 billion in the fourth quarter. Quarterly, the values have declined in 2022.

India’s Crude Oil Imports – Trends & Projections

India’s crude oil imports 2023 have accounted for a total value of $46.6 billion in the first quarter, followed by $42 billion in the second quarter, and $41 billion in the third quarter. Further values are the projection of crude oil imports in India for the fourth quarter of 2023, followed by 2024.

The projections for India’s crude oil imports show a decline in the value of crude from the fourth quarter of 2023 to the third quarter of 2024. Looking at the forecasted values, taking into consideration both maximum and minimum ranges, India’s crude oil imports are expected to fall.

Being among the top importing countries of crude oil and ranking in the third position for the imports of crude oil in the world for the year 2022, the imports of crude oil in India have declined in recent quarters and are also projected to fall even further. But why the imports are falling?

According to the sources, India’s crude oil production has been increasing steadily over time as India is making itself self-reliant on major chunks of essentials such as oil, machinery, etc. The domestic crude production by India is the reason India’s crude oil imports are decreasing.