India’s evolving oil routes paint a new energy map, ET EnergyWorld

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New Delhi: India’s oil imports from Russia saw a sharp surge in July 2023, posting a rise of 42.54% to US$ 3,371.68 million from the same month the previous year, according to data released by the Ministry of Commerce and Industry.

From April to July 2023, the increase was even more significant at 126.94%, underscoring Russia’s reinforced position in India’s oil landscape.

In contrast, India’s overall oil imports for July 2023 witnessed a decline of 36.14% compared to July 2022, with a cummulative drop of 22.36% from April to July 2023 relative to the same period the year before.

With the rise in Russian imports, the supply from OPEC countries has seen a decline. Iraq saw a dip in July 2023 to US$ 1,768.29 million, translating to a 41.04% decline, and the trend extended from April to July with a decrease of 38.64%.

India from Saudi Arabia – world second largest oil producer – reported imports of US$ 1,410.39 million in July 2023, a drop of 37.33%, and the contraction deepened to 26.90% over the April-July period.

Import from the United Arab Emirates experienced a significant decline in July to US$ 467.82 million, down by 74.40%, and a decrease of 66.30% across the four months.

Import from Kuwait in July stood at US$ 199.44 million, reflecting a 78.25% dip, with the April-July data showing a 54.97% decline.

On the other hand, Malaysia’s imports displayed a contrasting trend, growing to US$ 738.06 million from April to July 2023, a rise of 64.88%. Conversely, Qatar’s figures receded to US$ 441.23 million during the same period, marking an 8.80% decrease.

Data from the Petroleum Planning and Analysis Cell (PPAC) showed that India’s import dependence for crude oil has climbed to 87.8% during April to August 2023, compared to 86.5% in the corresponding period a year ago.

According to the PPAC data, India’s oil import dependency was 87.4 per cent in 2022-23, 85.5 per cent in 2021-22, 84.4 per cent in 2020-21, 85 per cent in 2019-20, and 83.8 per cent in 2018-19.

  • Published On Sep 21, 2023 at 06:15 PM IST

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