India’s Crude Oil Imports for 2024-25 is 242.4 MMT(Million metric tonnes).
India’s domestic production of Crude Oil for the year 2024-25 is approximately 29 MMT per annum.
Which is 2.4 MMT per month, however this amount of production cannot satisfy India’s Oil requirements.
Now lets see how much amount of Crude Oil is imported to India per Annum.
India’s Imported Crude Oil for the year (FY2024-25) is 242.4 MMT, Which is approximately 8.3 times more than our domestic production (830% more than our actual domestic production).
India’s refining capacity is around 258 MMT per annum.
India importing 4.7-5 million barrels per day, which is twice more than our monthly domestic production.
QUESTION – So how much amount of money India spent on Importing Crude Oil in (FY2024-25) ?
ANSWER – $161 Billions in 2025 (means 14.16 lakh crores in rupees).
India spent $72.47 per a barrel, which means 2.22 billion barrels (222 crore barrels was imported by India in FY2024-25).
Spending 6370 rupees($72.47) on each barrel, India bought 222 crore barrels at a cost of 14.16 lakh crores in rupees.
But all these 222 crore barrels of Crude Oil is not imported from a single country.
Lets see below, from how many countries India is importing its Crude Oil, look at some major supplying countries to minimally supplying countries in detailed.
RUSSIA (88 MMT for FY 2024-25)
India Imports 1.8 million barrels/day
Share of total imports : 36-37%
Approximately 88 million metric tonnes (MMT) of India’s crude oil imports from Russia in FY2024-25, averaging around 1.8 million barrels per day. This accounted for about 36-37 % of India’s total crude oil imports, making Russia the largest single supplier. Importantly, this shift to Russian crude was largely motivated by significant discounts, enabling Indian refiners to save billions and maintain stable domestic fuel prices despite global volatility.
Furthermore, this growing reliance on Russian crude underscores India’s strategy to diversify beyond traditional Middle Eastern sources like Iraq and Saudi Arabia. While those countries still continues to supply a considerable share, their combined market share declined as Russia’s surged from just 1.7% in 2019-20 to 36% in 2024-25.
IRAQ (43-45 MMT for FY 2024-25)
India Imports 0.9 million barrels/day
Share of total imports : 18-19%
India imports about 0.9 million barrels per day of crude oil from Iraq, which represents roughly 18-19% of its total crude oil imports in FY2024-25. Despite a slight decline compared to previous years, Iraq remains the second largest crude oil supplier to India. This enduring partnership is driven by Iraq’s ability to provide Basrah crude at competitive prices and its geographic proximity, which ensures relatively smoother logistics. Moreover, longstanding trade ties between the two countries help maintain a consistent supply, even amid occasional regional disruptions.
However, it is important to note that Iraq’s share has faced pressure from increasing imports from Russia. Nonetheless, Iraq’s role continues to be vital for India’s energy security, reflecting a balance between traditional suppliers and emerging ones.
SAUDI ARABIA (35-37 MMT for FY 2024-25)
India Imports 0.7 million barrels/day
Share of total imports : 15-16%
India imports approximately 0.7 million barrels per day of crude oil from Saudi Arabia, accounting for about 15-16% of its total crude oil imports in FY 2024-25. Saudi Arabia remains a vital partner for India’s energy security, with its consistent supply of high quality crude oil. Moreover, the long-standing trade relations between the two nations are further strengthened, by strategic investments, including Saudi Aramco’s stake in Indian refineries.
Furthermore, Saudi Arabia’s role as leading oil producer and OPEC leader influences global oil prices, which directly impacts India’s import costs.
UNITED ARAB EMIRATES (22-23 MMT for FY 2024-2025)
India Imports 0.5 million barrels/day
Share of total imports : 9-10%
India imports about 0.5 million barrels of crude oil per day. Notably, the United Arab Emirates accounts for approximately 9-10% of these total imports, reflecting strong bilateral trade ties in the energy sector. This steady flow ensures India’s industries and transportation maintain momentum.
Moreover, UAE’s consistent supply supports India’s goal of diversifying its crude oil sources, reducing dependency on any single exporter. Looking ahead, expanded cooperation in energy is likely as both nations seek to deepen their strategic partnership and drive mutual economic growth.
UNITED STATES (13-14 MMT for FY 2024-25)
India Imports 0.3 million barrels/day
Share of total imports : 6-7%
India currently imports around 0.3 million barrels of crude oil per day. The United States contributes about 6–7% of these total imports, indicating a strengthening energy partnership between the two nations. This trade not only supports India’s energy demands but also enhances its strategic economic ties with the US .
Furthermore, this growing cooperation highlights India’s intention to balance its import portfolio amid global market fluctuations. With expanding infrastructure and evolving trade policies, the nation continues to build resilience in its energy supply chain. Consequently, the India–U.S. energy alliance is set to play a crucial role in shaping future energy security and economic collaboration.
NIGERIA (11 MMT for FY 2024-25)
India Imports 0.2 million barrels/day
Share of total imports : 4.5-5%
India imports around 0.2 million barrels of crude oil per day. Nigeria contributes about 4.5–5% of these total imports, underscoring its role as a key participant in India’s energy mix.
Moreover, this partnership highlights India’s commitment to broadening its import base and enhancing supply stability. As global energy dynamics evolve, stronger cooperation with Nigeria could further strengthen bilateral trade and energy security.
ANGOLA (10 MMT for FY 2024-25)
India Imports 0.2 million barrels/day
Share of total imports : 4-4.5%
India imports about 0.2 million barrels of crude oil per day. Angola contributes nearly 4–4.5% of these total imports, marking it as an important supplier in India’s energy network.
Furthermore, this trade connection demonstrates India’s strategy to strengthen partnerships across Africa for long-term energy security. As both nations expand economic cooperation, their collaboration in the oil sector is likely to deepen in the coming years.
KUWAIT (9-10 MMT for FY 2024-25)
India Imports 0.2 million barrels/day
Share of total imports : 4-4.5%
India imports around 0.2 million barrels of crude oil per day. Kuwait accounts for about 4–4.5% of these total imports, making it a vital partner in India’s oil supply chain.
Moreover, this energy cooperation highlights the long-standing and stable trade relations between the two nations. As global demand patterns shift, India and Kuwait are likely to explore new opportunities to strengthen their energy and economic collaboration.
BRAZIL (3-4 MMT for FY 2024-25)
India Imports 0.09 million barrels/day
Share of total imports : 2-2.2%
India imports about 0.09 million barrels of crude oil per day. Brazil contributes around 2–2.2% of these total imports, positioning itself as a growing partner in India’s energy trade.
Furthermore, this collaboration underscores India’s strategy to diversify its crude sources beyond the Middle East. As both economies expand, stronger energy ties between India and Brazil could pave the way for broader trade and technological cooperation.
Other countries like Venezuela, Colombia, Oman and South Korea contributed smaller volumes collectively making up the remainder.
India’s Import for (FY2023-24) – 232.7 MMT(million metric tonnes)
Amount spent to buy 232.7 MMT – $156.3 billion
India Imports for (FY2024-25) – 242.4 MMT(million metric tonnes)
Amount spent to buy 242.4 MMT – $161 billion
Good content
👍
Very useful content 👍
👍