Agency, New Delhi.
Published by: Jeet Kumar
Updated Mon, 28 Feb 2022 07:41 AM IST
Summary
With crude oil crossing $100 in February, it is estimated that India’s oil import bill will double to $110-115 billion by the end of the current financial year. India imports 85% of its crude oil needs.
India’s crude oil import bill may cross $100 billion in 2021-22 with Brent crude prices reaching a seven-year high in the international market amid the Russia-Ukraine crisis. This will be almost double the expenditure on crude oil imports in the last financial year.
In the first 10 months (April-January) of 2021-22, India spent $ 94.3 billion on crude oil imports, according to data from the Petroleum Planning and Analysis Cell of the Ministry of Petroleum. In January alone, $11.6 billion was spent on it.
With crude oil crossing $100 in February, it is estimated that India’s oil import bill will double to $110-115 billion by the end of the current financial year. India imports 85% of its crude oil needs.
Dependence on imports has increased due to continuous decline in production
Before Corona, India, the world’s third largest importer in 2019-20, spent $ 1014 billion on importing 227 million tonnes of crude oil. India’s dependence on imports has increased due to continuous decline in domestic production. The production of crude oil in the country was 30.5 million tonnes in 2019-20, which came down to 29.1 million tonnes in the next year. Production in the first 10 months of the current financial year stood at 23.80 million tonnes, as against 244 million tonnes in the same period of 2020-21.
$ 94.3 billion has been spent on crude oil imports in the first 10 months of the current fiscal
Expansion
India’s crude oil import bill may cross $100 billion in 2021-22 with Brent crude prices reaching a seven-year high in the international market amid the Russia-Ukraine crisis. This will be almost double the expenditure on crude oil imports in the last financial year.
In the first 10 months (April-January) of 2021-22, India spent $ 94.3 billion on crude oil imports, according to data from the Petroleum Planning and Analysis Cell of the Ministry of Petroleum. In January alone, $11.6 billion was spent on it.
With crude oil crossing $100 in February, it is estimated that India’s oil import bill will double to $110-115 billion by the end of the current financial year. India imports 85% of its crude oil needs.
Dependence on imports has increased due to continuous decline in production
Before Corona, India, the world’s third largest importer in 2019-20, spent $ 1014 billion on importing 227 million tonnes of crude oil. India’s dependence on imports has increased due to continuous decline in domestic production. The production of crude oil in the country was 30.5 million tonnes in 2019-20, which came down to 29.1 million tonnes in the next year. Production in the first 10 months of the current financial year stood at 23.80 million tonnes, as against 244 million tonnes in the same period of 2020-21.
$ 94.3 billion has been spent on crude oil imports in the first 10 months of the current fiscal