TOP 5 Nations | India oil imports by country 2021

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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. 

5.UAE

India oil imports by country 2021
India oil imports by country 2021

Most Preferred Region For Oil Import By India

  • Middle East’s share in Import Basket of Oil–52.7%
  • Africa’s–15%
  • 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)
opec nations
Opec nations and Opec+
  • 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

Source: Reuters

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