India’s crude oil imports hit record high in April 2024 amid rising demand

• India’s crude oil imports rose with a record. As refiners topped up on supplies to meet the domestic demand for auto fuels as well as for export opportunities in the northern hemisphere

Highlights:

• The world’s third largest energy consumer imported 21.4 million tonnes (mt) of crude oil last month.
• Inbound shipments of the critical commodity rose for the third consecutive month during April, according to Petroleum Planning & Analysis Cell (PPAC) data.

India’s Petroleum Sector

• India is the world's third-largest oil consumer at around 5 million barrels a day, behind the US and China.
• The oil demand is growing at 3-4% a year in the country.
• In a decade, India could be consuming about 7 million barrels a day.
• According to the Petroleum Planning and Analysis Cell (PPAC), India imported 212.2 million tonnes of crude oil in 2021-22.
• For April 2022-23, the oil import dependence was around 86.4% against 85.9% in the corresponding year-ago period.

Prelims Takeaway

• Crude Imports
• Energy Resources