Crude oil imports & Effects
(Q1) How much crude does India consume? India is the 3rd largest consumer of Oil at 5.35 million barrels per day (MBPD) behind US (21.2mbpd) and China (15.1mbpd) India imports nearly 85% of its total Crude oil consumption every year. India's own production has been below 700,000 barrels per day for a long time. (Q2) Where does India import the balance requirement from? India imports oil in the following share as per FY 21 numbers: Iraq 17%, Saudi Arabia 16%, UAE 14%, USA 9%, Qatar 8%, Others 38% India import share for Oil from Russia is under 2%, an insignificant number. (Q3) How does India's Oil trade deficit look like? Definition: Oil imports - Oil Exports = Oil trade deficit India imports about 290 Million tones of Oil in a year. Assuming that Oil prices are at $75 (last year), India's oil import bill is ~ $165bn (290m * $75) India exports refined petroleum products as well. At $75 oil price those exports would amount to $58bn Oil trade deficit at crude $75 (Im