India's Crude Oil Import Data: A Detailed Analysis (2025)

Key Highlights

• India's oil consumption is predicted to rise from 4.05 MBPD in FY22 to 7.2 MBPD in 2030.
• Based on crude oil import data, India imported 232.5 million metric tonnes (MMT) of crude oil in the 2023–2024 fiscal year (April 2023–March 2024)
• As per crude oil import data of India, India imported 19910 '000 Metric Tonnes in August 2024, a total imported 24204 MT. 
• India's main sources of crude oil imports are Iraq Saudi Arabia, Russia, and the United Arab Emirates.
• The top crude oil importers in India are Rosneft-backed Nayara Energy, Reliance Industries (RIL), Indian Oil Corporation (IoC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL)
• The leading crude oil HS codes are 2707, 27079100, and 2709.
• China is the world's largest crude oil importer with an import value of 11,325 (in 100 barrels per day)

Did you know? India is one of the world's biggest importers of crude oil because its domestic production cannot keep up with demand. Also, India's continuous, robust economic growth is predicted to cause its energy demand to rise faster than the energy demands of all the major economies in the world. Moreover, it is anticipated that the country will account for twice as much primary energy consumption worldwide by 2035.

This blog will cover a variety of topics, including crude oil import in India, the top importers list, and updated crude oil HS codes. 

Consumption Trend of Crude Oil in India

Rapid economic growth and increased output are driving up the demand for oil for production and transportation.It is anticipated that from 223.0 million metric tonnes in FY23 to 500 million metric tonnes in FY40, the amount of crude oil consumed will increase at a CAGR of 4.59%.

In terms of barrels, India's oil consumption is predicted to rise from 4.05 MBPD in FY22 to 7.2 MBPD in 2030 and 9.2 MBPD in 2050. India's demand for diesel is expected to double to 163 MT by 2029–2030, and by 2045, diesel and petrol will make up 58% of the nation's total oil consumption. The rate of urbanization and the strong economic growth indicate that demand is not likely to decrease anytime soon.

Natural gas consumption is predicted to increase at a CAGR of 12.2%, from 174 MCMPD in 2021 to 550 MCMPD by 2030. Refiners in India are expected to add 56 million metric tonnes per annum (MTPA) by 2028, increasing the nation's capacity to 310 MTPA. However, India aims to double its oil refining capacity to 450–500 million metric tonnes by 2030.

Crude Oil Import Data: 2023-24

Let’s explore the table for crude oil import data of India!

Based on crude oil import data, India imported 232.5 million metric tonnes (MMT) of crude oil in the 2023–2024 fiscal year (April 2023–March 2024), which is comparable to the 232.7 MMT imported in the year prior.

Nonetheless, the nation's import bill dropped to $132.4 billion from $157.5 billion in 2022–2023—a 16% decrease. Reduced foreign exchange rates were the cause of this.

In 2023–2024, India's reliance on imported crude oil rose to 87.7%. More than 1.72 million barrels per day (b/d) of crude oil were imported by India from Russia in April 2024, the most in nine months.

Crude oil import data of India: 2024  Quantity ('000 Metric Tonnes)

India's imports of crude oil hit a record high of 21.8 MMT in May 2024, up 6% from the previous year and 2% from the previous month. This resulted from refiners raising output to fulfill export and domestic demand for motor fuels.

Where Does India Import Crude Oil From?

India's main sources of crude oil imports are:

• Iraq ($37.1B)
• Saudi Arabia ($32.7B)
• Russia ($25.5B)
• United Arab Emirates ($14.8B)
• the United States ($10.8B)

In December, Iraq emerged as India's largest supplier of crude oil, accounting for $2.42 billion in sales, a 4% decrease from the previous year. Saudi Arabian and United Arab Emirates (UAE) supplies decreased by 24.84% and 3.01%, respectively, to $1.91 billion and $973.85 million. 

Also, the United States of America was the fifth-largest supplier of oil in December, with $413.61 million worth of imports. 

Additionally, you can quickly obtain global market insights by exploring the Eximpedia platform if you are searching for updated crude oil importers, crude oil HS codes, and precise crude oil import in India statistics.

Also read:- List of Petroleum Products exported from India

Leading Crude Oil Hs Codes

Here is the table of the leading HS codes for crude oil: 

Crude oil has the Harmonised System (HS) code 1515.11.00.00. Moreover, Explore Eximpedia to look at the supplier's list of transportation costs, crude oil import in India, and list of the world's largest crude oil importers. Our unique platform offers access to all of these pertinent market insights.

Top 10 Crude Oil Importing Countries

Here is the list of the world's largest crude oil importers.

At about 13.7 million barrels per day, China imported more oil and its byproducts in 2023 than any other region in the world. With 12.8 million barrels per day, Europe was the second-largest importer, trailing closely behind. Also, if you need updated insights on crude oil import in India, connect with Eximpedia.app. 

Leading Crude Oil Importers in India

Here is the list of the biggest crude oil importers:

• Rosneft-backed Nayara Energy
• Reliance Industries (RIL)
• Indian Oil Corporation (IoC)
• Bharat Petroleum Corporation (BPCL)
• Hindustan Petroleum Corporation (HPCL)
• Oil and Natural Gas Corporation (ONGC)
• Bharat Oman Refinery Limited
• Chennai Petroleum Corporation Limited
• Adani Welspun Exploration Limited
• Tata Petrone Limited

These importers of crude oil are all well-known for their dependable supply chains, high-quality goods, and substantial global reach. Would you like access to global buyers of crude oil? Get in touch with Eximpedia.app for the most up-to-date information on India crude oil import data and crude oil import in India

How to Find the Biggest Crude Oil Importers in India? 

Visit the data-driven dashboard of Eximpedia.app to find and locate crude oil importers. It provides a list of buyers, exporters, and suppliers of crude oil. It is accessible through market research platforms; one of the best data-driven tools for analysing shipments globally is Eximpedia.app. With our database of more than 100 countries, we provide you with convenient access to statistics on international trade.

Last Remarks!

So, the rising local demand for crude oil in India or India oil imports is driving the market's growth. However, careful planning and expert sourcing will be necessary to control import variations, competitive pricing, and potential surplus scenarios. 

To effectively navigate this ever-changing market, Indian importers must prioritise quality, stay abreast of market developments, and perform due diligence on potential crude oil suppliers.

Last but not least, please get in touch with our team to arrange a free live demo right now if you have any questions about crude oil suppliers, crude oil importers in India, or crude oil import data!

Frequently Asked Questions (FAQs)

1. How much of crude oil is imported into India?

India imported 232.5 million metric tonnes (MMT) of crude oil in the fiscal year 2023–2024 (April 2023–March 2024), which is equivalent to the 232.7 MMT imported the year before, according to data on crude oil imports.

2. Which country is the largest importer of crude oil?

Based on crude Oil import data, China is the largest importer of crude oil, imported 11,325 (in 100 barrels per day) in 2023-24.

3. What is the crude oil import of India in 2024?

As per crude oil import data, India imported around 4,640 hundred barrels per day in 2023-24. 

4. Who supplies crude oil to India?

India's main sources of crude oil imports are Iraq, Saudi Arabia, Russia, the United Arab Emirates, and the United States. 

5. Is India the third largest importer of crude oil?

No, India is the 5th largest importer of crude oil. The top 4 largest crude oil importing countries are China, Europe, the United States, and other Asia Pacific. 

6. Why does India import so much oil?

Rapid economic growth and increased output are driving up the demand for oil for production and transportation. Indian oil production is insufficient to meet the emerging domestic need which eventually causes the rise in crude oil import in India.

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