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Informist, Wednesday, Mar. 12, 2025

 

By Sandeep Sinha

 

MUMBAI – India's petroleum crude imports grew marginally by 3.4% on year to 1.78 billion barrels in 2024, a sharp slowdown from the 40% surge recorded in 2023, according to an analysis of data from the commerce ministry's Directorate General of Commercial Intelligence and Statistics. The country had imported 1.72 billion barrels of crude in 2023.

 

The per day crude import last year was 4.87 million barrels, up from 4.72 million barrels in 2023. The per barrel cost increased to $82.53 from $81.41 a barrel in 2023.

 

In value terms, India's crude oil imports rose by $6.83 billion, or 4.9%, year-on-year, reaching $147.2 billion in 2024, up from $140.38 billion in 2023. The number of countries exporting crude to India increased to 48 in 2024 from 44 in the previous year.

 

The top five crude suppliers--Russia, Iraq, Saudi Arabia, the UAE, and the US--accounted for 82.2% of India's total crude imports in 2024, up from 80.9% in 2023. "Minor changes in the crude slate are normal due to factors such as refinery shutdowns and price variations across grades," said Pulkit Agarwal, head of India content (cross commodities) at S&P Global Commodity Insights.

 

For the second consecutive year, Russia was India's largest crude oil supplier, with its share rising to 36.3% in 2024 from 34.8% a year earlier. Agarwal noted that share of Russian crude has been on the rise, given its economics. However, with recent vessel sanctions, there was a bit of a dial down in early 2025.

 

Russia exported an average of 1.77 million barrels of crude per day to India in 2024, up from 1.64 million barrels per day in 2023. The per-barrel crude price increased to $80.67 last year from $74.56 in the previous year. The total value of Russian crude exports to India stood at $52.19 billion in 2024, up from $44.71 billion in 2023.

 

Iraq was the second largest crude exporter to India, with a market share of 20.7% in 2024, slightly down from 20.8% in 2023. The country exported an average of 1 million barrels per day, up from 980,612 barrels per day in 2023. The total value of Iraqi crude exports rose to $28.92 billion from $28.31 billion, while the per-barrel price fell marginally to $78.45 from $79.10 in 2023.

 

Saudi Arabia ranked third, supplying 12.8% of India's crude needs in 2024, down from 15% in 2023. The country exported 625,997 barrels per day last year to India, a decline from 2023. The value of Saudi crude exports fell to $20.16 billion in 2024 from $23.3 billion the previous year, with the per-barrel price slipping to $88.01 from $90.

 

The UAE saw a significant gain in market share, rising to 9.1% in 2024 from 5.6% in 2023. The country exported an average of 443,116 barrels per day. The total value of UAE crude exports surged to $14.34 billion from $8.63 billion, while the per-barrel price dipped slightly to $88.40 from $89.53.

 

The US was the fifth largest supplier, with its market share declining to 3.4% in 2024 from 4.8% in 2023. Crude exports from the US dropped to 164,212 barrels per day from 264,124 barrels per day in 20223 due to a sharp rise in prices. The total import value of US crude fell to $5.38 billion in 2024 from $6.98 billion in 2023, as the per-barrel cost rose to $89.66 from $84.15.

 

Other major crude suppliers to India included Nigeria, Kuwait, Angola, Colombia, and Venezuela. The most expensive crude in 2024 came from Egypt, costing $105.29 per barrel, a sharp increase from $70.61 in 2023.

 

India also resumed crude imports from Venezuela in 2024, driven by its significantly lower cost. Venezuelan crude was the cheapest among the top 20 exporters, with a per-barrel price of $69.66.

 

"We expect crude oil prices to decline by 8-10% in fiscal 2025-26 due to heightened global uncertainty and increased supply from Organization of the Petroleum Exporting Countries, following the reversal of voluntary production cuts in April 2025. Non-OPEC supplies are also expected to continue growing," said Sehul Bhatt, Director of Research at CRISIL Intelligence.

 

However, Bhatt cautioned that ongoing geopolitical uncertainties and policy decisions on crude supply could impact demand-supply dynamics and influence prices. End

 

US$1 = INR 87.21

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Deepshikha Bhardwaj

 

 

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