US-Israel Iran War: How dependent is India on other countries for oil and gas? Statistics for 2024-25 ahead
Iran in the Middle East and Israel-U.S Due to the ongoing war between them, there has been a shortage of oil in many countries around the world. Restrictions on the movement of oil tankers through the Strait of Hormuz are one of the reasons. The effect of this is felt in India as well. On March 20, premium petrol prices in India were hiked by ₹2.09 per litre. Oil, known as ‘black gold’, is a part of daily needs. It is used for cooking, fuel for vehicles and many other purposes. So, what is India’s oil situation and how are these needs met? Know the detailed news…
There has been a significant change in India’s oil imports. In February, Iraq overtook Russia to become India’s largest oil supplier. However, according to experts, Russia may regain the top spot in March. Oil imports from Russia fell 32 percent in February to about 1 million barrels per day. Also, India is heavily dependent on imports of crude oil and natural gas for its energy needs. According to the latest figures for the financial year 2024-25..
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1. Import of crude oil
Dependence on imports: India imports approximately 85% to 88% of its total crude oil requirement from abroad. Import Volume: In the financial year 2023-24, India imported 232.5 million metric tonnes (MMT) of crude oil. Daily Consumption: India’s daily crude oil consumption is approximately 5.5 million barrels. Main supplier countries: India mainly buys oil from Russia (about 37-40%), Iraq (21%), Saudi Arabia and United Arab Emirates (UAE).
2. Import of natural gas
Total Consumption: India’s total consumption of natural gas is approximately 189 million cubic meters per day. Dependence on imports: More than 50% of India’s gas needs are met through imports (in the form of LNG).
Domestic Production: The country produces approximately 97.5 million cubic meters of gas per day.
Major sources of LNG: India imports about 47-50% of its liquefied natural gas (LNG) from Qatar. The United Arab Emirates (UAE), the US and Oman are also major sources.
3. Import of Liquefied Gas (LPG).
India imports about 60% of its LPG consumption. About 90% of these imports go through the Strait of Hormuz.
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