Indian Oil Import

Prime Minister Narendra Modi on Monday said that India's share in the global oil demand is expected to increase to 11 per cent, while the gas demand is expected to rise up to 500 per cent.

India's oil imports from Russia rose for the fifth straight month, totaling 908,000 barrels per day (bpd) in November, up 4% from October, the data showed

Fear of worsening economic slowdown in China has dealt the latest blow to global crude oil, with daily prices falling to their lowest since January 4, 2022

The US has been putting increasing pressure on India to distance itself from Russia

Iran used to be the second-largest oil supplier to India but New Delhi had to halt imports from Tehran after former U.S. President Donald Trump withdrew from the nuclear deal with Iran

India's imports of oil from Iraq surged in January to a 29-month high of about 1.3 million bpd, making up nearly a third of the supplies to India, says data from shipping and industry sources.

India's May crude oil imports slipped to their lowest in three months as fuel demand sagged amid a second wave of the pandemic that crimped economic activity and mobility, data showed on Monday

Better export figure largely due to low-base effect, as Covid-19 induced nationwide lockdown a year ago had temporarily stopped economic activity

According to oil ministry officials, this deal is at competitive rates and is in line with the strategy to have multiple sources of crude oil for Indian refiners

Here's a selection of Business Standard opinion pieces for the day

Instead of relying on negligible domestic deposits, India should be securing steady supplies from abroad

India halted its imports from Iran, previously its third-largest oil supplier, in mid-2019 after the expiration of US exemptions.

Crude oil imports fell to 14.61 million tonnes, it's lowest since 2015, Petroleum Planning and Analysis Cell data showed on Friday

The crash in futures may not benefit India

India's imports of crude oil have stalled in recent months, with both coal and liquefied natural gas also soft

Venezuela is the third largest supplier of oil to India which is the world's third-biggest oil consumer

India private refiners have greater agility in oil sourcing

Indian Oil Corp will lift 5 million barrels of Iranian oil in February, the same as this month

India is Iran's second-biggest buyer of oil after China

The benchmark Indian crude oil basket is now estimated to average $77.88 a barrel for FY19, compared to the government's earlier estimate of $65 a barrel for the year and $56.39 for FY18