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India oil imports by country 2021
Before we Learn about India oil imports by country 2021, Some Facts about India’s Oil Profile
- India spent $101.4 billion on crude oil imports in 2019-20
- India is a key refining hub in Asia, with an installed capacity of over 249.36 million tonnes per annum.
- India has 23 refineries and plans to grow its refining capacity to 400 mtpa by 2025.
- India shipped in 3.92 million bpd(barrels per day) of oil in February 2021
- India is the world’s third biggest oil importer and consumer.
- India ships about 84% of its crude needs, and relies heavily on the Middle East.
DATA FOR FEB 2021
Import Data From Top 5 Nations
1.Iraq—-867,500 bpd (barrels per day)
2.United States—-545,300 bpd—14% of India’s overall imports in FEB 2021
3.Nigeria —-472,300 bpd
4.Saudi Arabia—-445,200 bpd—Saudi Arabia, which has consistently been one of India’s top two suppliers, slipped to No. 4 for the first time since at least January 2006.
Most Preferred Region For Oil Import By India
- Middle East’s share in Import Basket of Oil–52.7%
- United States–14%
India’s policy for oil import in Recent times
- Global crude oil prices have increased after the Opec-plus decision to retain supply curbs.
- With domestic petrol and diesel prices at record highs, India is looking for alternatives to Opec
- India is working on diversifying the country’s energy basket with crude oil supplies from Non-Organization of the Petroleum Exporting Countries (Opec) nations.(Learn about International Organisations here)
- In February 2021, inflows from the US was 2.11 million mt, about 32% higher than 1.61 million mt inflows from Saudi Arabia. This pushed the US to the second spot on India’s Top Oil Importer Sources.
- Iraq is retaining its position as the top supplier, with shipments of 2.89 million mt in feb 2021.
- India is looking to its old energy partner Russia to save its citizens from price shocks,
- India signed a contract for crude oil sourcing from Russia in February 2020, with state run Indian Oil Corporation (IOC) and Rosneft signing the agreement for 2 million metric tonnes (mmt) of Urals grade crude supply to India.
This was a brief about India’s Oil profile and India oil imports by country 2021