India: Crude Oil Market 2024

Crude Oil Market Size in India

In 2022, the Indian crude oil market increased by 42% to $X, rising for the second consecutive year after two years of decline. Over the period under review, the total consumption indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.2% 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 +86.4% 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 contracted to $X in 2022 estimated in export price. In general, production saw a noticeable curtailment. The pace of growth was the most pronounced in 2013 with an increase of 36% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Crude Oil Exports

Exports from India

Crude oil exports from India fell significantly to X tons in 2022, declining by -70.3% on the previous year. In general, exports, however, continue to indicate strong growth. The most prominent rate of growth was recorded in 2014 with an increase of 99% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, crude oil exports totaled $X in 2022. Overall, exports, however, recorded a prominent increase. The pace of growth was the most pronounced in 2015 when exports increased by 126% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

South Korea (X tons) was the main destination for crude oil exports from India, accounting for a 93% 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 stood at +7,684.9%.

In value terms, South Korea ($X) emerged as the key foreign market for crude petroleum oil exports from India, comprising 95% of total exports. The second position in the ranking was taken by El Salvador ($X), with a 3.8% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to South Korea totaled +5,739.8%.

Export Prices by Country

In 2022, the average crude oil export price amounted to $X per ton, rising by 238% against the previous year. Overall, the export price enjoyed a strong expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: 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 (-0.6%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports

Imports into India

In 2022, purchases abroad of crude petroleum oil increased by 21% 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 +2.7% 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 reached the peak and are likely to continue growth in the immediate term.

In value terms, crude oil imports surged to $X in 2022. In general, imports recorded a mild increase. The pace of growth was the most pronounced in 2021 when imports increased by 65% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

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 56% share of total imports. The United Arab Emirates, the United States, Kuwait, Nigeria, Mexico, Oman, Angola and Qatar lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +249.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Iraq ($X), Saudi Arabia ($X) and Russia ($X) were the largest crude oil suppliers to India, together comprising 55% 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 34%.

The United Arab Emirates, with a CAGR of +276.1%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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, surging by 35% against the previous year. Overall, the import price, however, showed a slight decline. The pace of growth was the most pronounced in 2021 an increase of 60% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 (+7.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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