Ameer Randolph
India is one of the world's largest importers of fuel, relying heavily on crude oil imports to meet its energy demands. In 2022, India's top fuel import partners included Iraq, Saudi Arabia, Russia, United Arab Emirates, and the United States. The country consumed approximately 4.44 million barrels of oil per day in 2016, with about 96% of its oil consumption imported that year. India's substantial fuel imports have significant implications for its consumption patterns and the global trade of oil-based fuels.
| Characteristics | Values |
|---|---|
| India's rank among oil-importing countries | 2nd or 3rd largest importer |
| Percentage of oil imported | 82% or 96% |
| India's oil consumption | 4,443,000 barrels per day (2016 figure) |
| Oil reserves | 2.9 times annual consumption levels |
| Years of oil left without imports | 3 years |
| Top partner countries for fuel imports | Iraq, Saudi Arabia, Russia, UAE, and the US |
| Oil imports in Indian rupees | 14 trillion (2024 estimate) |
| Oil imports in metric tons | 232 million (2023 figure) |
| Oil refineries | 23 |
| Oil refining capacity | 248.87 Mt per year |
| Oil processed | 221.37 Mt (2020-21 figure) |
| Largest refiner | Indian Oil Corporation (69.23 million metric tons per year) |
| Crude oil production output change (March 2021) | -5.2% |
| Natural gas production change (March 2021) | -8.1% |
| Crude oil production change (August 2021) | -2.3% |
| Homegrown natural gas production change (August 2021) | +20.23% |
| Strategic Petroleum Reserve | 5 Mt or 31.5 million barrels |
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What You'll Learn
India's fuel import value in 2024
India is one of the largest importers of oil and is highly dependent on imported crude oil. In the financial year 2024, India's imports of petroleum, crude oil, and related products were estimated at over 14 trillion Indian rupees. This figure represents a decrease compared to the previous year. During the fiscal year 2023, India imported approximately 44 million metric tons of petroleum products, while the volume of imported crude oil was around 232 million metric tons.
India's fuel consumption patterns are directly influenced by its substantial petroleum imports. In the fiscal year 2023, the country consumed approximately 223 million metric tons of petroleum products. India's crude oil imports have been steadily increasing over the years, rising from 171.73 Mt in 2011-12 to 226.95 Mt in 2020-21. The country was the third-largest crude oil importer in the world in 2024, with 96.9% of its crude oil imports coming from 15 countries. The share of oil imports from the Commonwealth of Independent States (CIS), including Azerbaijan, Kazakhstan, and Russia, nearly doubled to 43% in 2024 due to higher purchases from Moscow.
India has been trying to reduce its dependence on oil imports by exploring local hydrocarbon sources, renewable energy, and indigenous ethanol fuel. In 2019, India aimed to lower its oil imports from 82% to 67% by 2022. However, by March 2021, the country's domestic crude oil production had decreased by 5.2%, and natural gas production had fallen by 8.1%. Despite these setbacks, India has developed sufficient processing capacity to produce various petroleum products, making it a net exporter of these products. The export of petroleum products increased from 38.94 Mt in 2008-09 to 56.76 Mt in 2020-21.
India's fuel consumption patterns are also shaped by its electricity sector, which consumed 24.28% of the country's natural gas production in 2016-17. Additionally, coal-fired power plants in India use fuel oil as a secondary fuel for start-up and low-load operations, further contributing to the country's fuel import needs. India's fuel consumption fell 0.6% year-on-year in March 2024, but demand for the 2024 financial year was up about 5%, driven by higher automotive fuel and naphtha sales.
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India's fuel import partners
India is the world's second-largest importer of oil after China, importing 82% of its oil needs. In 2024, India was the third-largest importer of crude oil. In the 2023 financial year, petroleum, oil, and petroleum products made up about 30% of India's major imports, with a volume of about 44 million metric tons. In the same period, India imported around 232 million metric tons of crude oil.
India's crude oil strategy is focused on long-term partnerships, rebuilding old ties, and making smart economic choices. The country's top crude oil suppliers as of 2025 are Iraq, Russia, and Saudi Arabia. Iraq has been India's largest supplier for decades, accounting for 20% to 23% of its total crude imports. The partnership is sustained by Iraq's ability to supply Basrah crude at prices that are favourable for India, as well as its proximity to India and long-standing trade ties. Saudi Arabia accounts for about 16% to 18% of India's crude oil imports, and as a founding member of OPEC, its production decisions have a significant impact on global oil prices.
In 2022, India's top partner countries for fuel imports included Iraq, Saudi Arabia, the United Arab Emirates, the United States, and the Russian Federation. India's imports from Russia nearly doubled in 2024, with the country becoming one of the top sources of crude oil imports, providing 43% of India's total crude oil imports that year.
India's huge demand for diesel and petrol is largely met through crude oil imports, which power the country's transport systems. The Middle East remains the main supplier of crude oil globally, and India's imports from this region are facilitated by a network of government-owned giants and major private refiners.
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India's fuel import volume
India is one of the world's largest importers of fuel, relying heavily on imported crude oil. In the fiscal year 2023, petroleum, oil, and petroleum products accounted for around 30% of India's major imports, with an import volume of about 44 million metric tons. During the same period, the country imported around 232 million metric tons of crude oil. In 2024, India's imports of petroleum, crude oil, and related products were valued at over 14 trillion Indian rupees, a decrease from the previous year.
India was the third-largest crude oil importer in the world in 2024. The top partner countries from which India imported fuels in 2022 included Iraq, Saudi Arabia, the Russian Federation, the United Arab Emirates, and the United States. India's crude oil imports from the Commonwealth of Independent States (CIS), including Azerbaijan, Kazakhstan, and Russia, nearly doubled in 2024, mainly due to higher purchases from Moscow.
To ensure energy security, India has implemented strategies to reduce its dependence on fuel imports. By 2022, India aimed to lower its oil import volume from 82% to 67% by promoting local hydrocarbon exploration, renewable energy, and indigenous ethanol fuel. Additionally, India has developed sufficient processing capacity to produce various petroleum products, making it a net exporter in this sector. India plans to produce 15 Mt/year of compressed biogas (CBG), a carbon-neutral fuel, by 2023, which will replace imported CNG in the form of LNG.
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India's fuel consumption
India is one of the largest importers of oil and gas in the world. In 2024, India was the third-largest importer of crude oil, and in 2019, it was the second-largest net importer. India imports 82% of its oil, which is around 96% of its oil consumption. In 2016, India consumed 4,443,000 barrels per day, accounting for about 4.58% of the world's total consumption. India's consumption of oil is much higher than its production, which stood at 1,016,371 barrels per day in 2016. In 2022, India's top partner countries for fuel imports included Iraq, Saudi Arabia, the United Arab Emirates, the United States, and the Russian Federation.
India's electricity sector consumed 24.28% of the country's natural gas production in 2016-17. In addition, coal-fired power plants in India consume at least one KL per GWxH of fuel oil as a secondary fuel. India's consumption of natural gas is also high, with net imports increasing from 18 BCM in 2011-12 to 32.86 BCM in 2020-21.
India has an extensive network of oil refineries and is a net exporter of petroleum products. As of March 2021, there were 23 crude oil refineries in India, with a total refining capacity of 248.87 Mt per year. India processed 221.37 Mt of oil in 2020-21, achieving a capacity utilization of 88.8%. Despite being a net exporter of petroleum products, India's substantial petroleum imports directly influence the country's consumption patterns. In the fiscal year 2023, the consumption volume of petroleum products in India amounted to around 223 million metric tons.
India has deployed many rigs and drilled numerous production wells, but its oil and gas production is not commensurate with the number of wells drilled. India aims to reduce its dependence on oil imports by increasing local hydrocarbon exploration, investing in renewable energy, and promoting indigenous ethanol fuel. India also has an Indian Strategic Petroleum Reserve (SPR) of 5 Mt or 31.5 million barrels of crude oil, enough to provide 10 days of consumption.
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$9.99
India's fuel production
India imports 82% of its oil, making it one of the largest oil importers in the world. In 2024, India was the third-largest crude oil importer in the world. In the 2023 financial year, petroleum, oil, and petroleum products made up around 30% of India's major imports, with a volume of about 44 million metric tons. The country's consumption volume of petroleum products was approximately 223 million metric tons in the same period.
Despite this heavy reliance on imports, India has developed a substantial processing capacity to produce various petroleum products. As a result, India is a net exporter of petroleum products. The export of these products increased from 38.94 million metric tons in 2008-09 to 56.76 million metric tons in 2020-21.
India's oil and gas industry has been expanding its domestic production capabilities. In 2017-18, India deployed 159 rigs and drilled 545 production wells, ranking fifth globally. However, the oil and gas production did not match the number of wells drilled. India's domestic crude oil production fell by 5.2% in the 2021 financial year, with producers extracting 30.4917 million metric tons of crude oil. In 2018-19, crude oil production was about 34.20 million metric tons, with ONGC and OIL contributing about 71.15% from the nomination regime. The remaining crude oil production came from private/JV companies under the PSC regime.
India has 23 crude oil refineries, 18 of which are state-owned, with a total refining capacity of 248.87 million metric tons per year. The state-owned Indian Oil Corporation is the country's largest refiner by capacity, processing 62.35 million metric tons of crude oil in 2020-21.
In addition to crude oil, India also produces natural gas. In 2018-19, natural gas production was about 90.1 million metric standard cubic meters per day. The majority of this production (67.3%) was from offshore sources, with the remaining coming from 10 states, including Andhra Pradesh, Assam, Gujarat, and Rajasthan.
To reduce its dependence on oil imports, India aims to increase local hydrocarbon exploration, renewable energy sources, and indigenous ethanol fuel production. By 2023, India plans to produce 15 million metric tons per year of compressed biogas (CBG), a carbon-neutral fuel that can replace imported CNG.
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Frequently asked questions
India imports 82% of its oil needs, which equates to 4,255,295 barrels per day (as of 2016).
India imports 96% of its fuel consumption.
India is the third-largest importer of crude oil in the world, after China and the United States.
India's top partner countries for fuel imports include Iraq, Saudi Arabia, the United Arab Emirates, the United States, and the Russian Federation.
India aims to reduce its reliance on fuel imports by investing in local hydrocarbon exploration, renewable energy, and indigenous ethanol fuel.
