India: Crude Oil Market 2024

Crude Oil Market Size in India

In 2022, the Indian crude oil market increased by X% to $X, rising for the second consecutive year after two years of decline. Over the period under review, the total consumption indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2020 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Crude Oil Production in India

In value terms, crude oil production dropped significantly to $X in 2022 estimated in export price. In general, production continues to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2021 when the production volume increased by X%. Crude oil production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Oil Exports

Exports from India

In 2022, the amount of crude petroleum oil exported from India shrank significantly to X tons, which is down by X% against 2021 figures. Overall, exports faced a sharp setback. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude oil exports dropped dramatically to $X in 2022. In general, exports faced a dramatic decrease. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

South Korea (X tons) was the main destination for crude oil exports from India, accounting for a X% share of total exports. Moreover, crude oil exports to South Korea exceeded the volume sent to the second major destination, El Salvador (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Korea amounted to X.2%.

In value terms, South Korea ($X) emerged as the key foreign market for crude petroleum oil exports from India, comprising X% of total exports. The second position in the ranking was taken by El Salvador ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value to South Korea stood at X.7%.

Export Prices by Country

In 2022, the average crude oil export price amounted to $X per ton, growing by X% against the previous year. Overall, the export price showed a strong increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to El Salvador amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to El Salvador (X%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Oil Imports

Imports into India

In 2022, overseas purchases of crude petroleum oil increased by X% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, crude oil imports soared to $X in 2022. Overall, imports recorded mild growth. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in the near future.

Imports by Country

Iraq (X tons), Saudi Arabia (X tons) and Russia (X tons) were the main suppliers of crude oil imports to India, with a combined X% share of total imports. The United Arab Emirates, the United States, Kuwait, Nigeria, Mexico, Oman, Angola and Qatar lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Oman (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest crude oil suppliers to India were Iraq ($X), Saudi Arabia ($X) and Russia ($X), together accounting for X% of total imports. The United Arab Emirates, the United States, Kuwait, Nigeria, Oman, Mexico, Angola and Qatar lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Oman, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average crude oil import price amounted to $X per ton, increasing by X% against the previous year. In general, the import price, however, showed a slight decline. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Nigeria ($X per ton) and Qatar ($X per ton), while the price for Mexico ($X per ton) and Iraq ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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