After China and the United States, India is the world’s third-largest user of crude oil.
To guarantee that the nation’s users would have access to enough crude in 2021–2022, the Ministry of Ports, Shipping and Waterways has transported 212 million metric tonnes of crude oil through India’s ports and waterways, representing 87.61% of total consumption.
The majority of India’s oil imports come from the Middle East, primarily from Saudi Arabia and Iraq. Here is a quick breakdown of India’s regional crude oil imports for 2021:
- East Asia: 52.7%,
- 15% in Africa,
- 14% in the USA
India, a nation of more than 1.4 billion people, imports over 84% of its crude oil requirements. India’s crude oil import costs are rising as a result of a sharp rise in oil prices, an increase in imports, and a drop in domestic oil production.
Additionally, a significant amount of LNG, which accounts for nearly one-fourth of India’s total gas demand, is imported. India is also the fourth-largest LNG importer. Oil and natural gas are in higher demand in India.