India, as the world’s third-largest crude oil importer, plays a vital role in the global energy market. With its rapidly growing economy and increasing energy demand, India heavily relies on imported crude oil to fulfill its energy requirements.
However, the landscape has recently undergone a drastic shift due to the Russia-Ukraine conflict. Our crude oil imports have seen a significant change from Russia, soaring from 2% in 2021 to 34.5% in 2023.
As of April 2023, Russia’s share in our crude oil imports stands at 32.3%, surpassing Iraq and Saudi Arabia. We have thoroughly analyzed the share of Barrels Per Day imported from various countries.
Please take a moment to review the detailed analysis.
Domestic Natural Gas Price is equal to 10% of the Indian basket crude price in the previous month. But, if someone is tracking the Price of the Indian Basket shared by Government, he may not find any large discount with respect to WTI and Brent crude prices.
The reason could be that the Indian Government doesn’t want to pass on the discounted price benefits to the end users .
