Import volume of crude oil in India 2012-2018

The Indian energy sector encompasses conventional sources such as coal, natural gas, oil as well as unconventional sources including solar, hydro and bio-waste. The south Asian country ranks third worldwide for primary energy consumption after China and the United States. The gigantic energy consumption could very likely have been the cause of increased demand that was reflected in the volume of crude oil imports across the country, which was approximated to be around 220 million metric tons during financial year 2018.

The sector

The oil and gas sector in the country is one of the eight core industries present and is a major influence on the other sectors that contribute to the economy as well. Increased demand needs to be met with sufficient supply. The refinery capacity of crude oil has been increasing over the years. The tug of war with the crude oil prices in the country also seems to be edging in favor of higher prices. The annual growth rate in the average price of crude oil was over twelve percent in financial year 2018 compared with the previous year.

Low on fuel

The depleting fossil fuel reserves have not helped the population in terms of prices of oil products. The production volume of onshore crude oil has declined gradually over the years. However, the climate agreements of Copenhagen and Paris might result in increased investments and clean energy installations, providing a possible solution for India’s deficiency in fuel sources.

Import volume of crude oil in India from FY 2012 to FY 2018

Import volume in million metric tons
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Source

Release date

April 2018

Region

India

Survey time period

FY 2012 to FY 2018

Supplementary notes

* Estimated value based on values from FY 2017.
Note: India's financial year begins in April and ends in March. For example, FY 2012 started in April 2011 and ended in March 2012.
Values have been rounded.

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