Due to the ongoing war between Iran and Israel-America in the Middle East, oil problems are emerging in many countries of the world. Limiting the passage of oil tankers through the Strait of Hormuz is also one of these. Its effect is being seen in India also. On March 20, premium petrol prices in India were increased by Rs 2.09 per liter. Oil, called black gold, is a part of every day needs. It is used in many things from cooking to fuel used in vehicles. In such a situation, let us know what is India’s position regarding oil, how does it fulfill its needs?
India is largely dependent on imports of crude oil and natural gas for its energy requirements. According to the latest data of the last financial year 2024-25
1. Crude oil import
Import Dependence: India imports about 85% to 88% of its total crude oil requirements from abroad.
Import quantity: India imported 232.5 million metric tons (MMT) of crude oil in the financial year 2023-24.
Daily Consumption: India’s daily crude oil consumption is about 55 lakh barrels.
Main supplier countries: India mainly buys oil from Russia (about 37-40%), Iraq (21%), Saudi Arabia and United Arab Emirates (UAE).
2. Natural gas import
Total Consumption: India’s total natural gas consumption is about 189 million cubic meters per day.
Import Dependence: More than 50% of the gas requirements are met through imports (in the form of LNG).
Domestic Production: About 97.5 million cubic meters of gas is produced domestically per day.
Main sources of LNG: India imports about 47-50% of its liquefied natural gas (LNG) from Qatar. Apart from this, UAE, America and Oman are also major sources.
3. LPG Import
India imports about 60% of its LPG consumption. About 90% of this import comes through the Strait of Hormuz.