India Crude Oil Import-Export: From how many countries does India buy oil and to whom does it sell it? Question raised amid tariff war

India Crude Oil Import-Export: Recently, former US President Donald Trump announced to increase tariffs against India for importing crude oil from Russia. Responding to this move, India's Foreign Minister S. Jaishankar took a tough stand. He said in clear words, "If anyone has a problem buying oil from India, then they should not buy it. No country can be forced to buy oil." This statement reflects India's independent trade policy and its firm position on the global platform.

India's oil imports and global position

India is the third largest oil importer and exporter in the world. The country meets about 85% of its oil requirements through imports. India imports crude oil from more than 40 countries and refines it to produce various petroleum products, which play an important role in boosting the country's economy.

How many countries does India import oil from?

Crude oil production in India is limited. Oil is produced in some areas of the country, such as Assam, Western Offshore, Rajasthan, Gujarat, Mumbai High, and Krishna-Godavari Basin. However, studies indicate that many parts of India may have large oil reserves, which are still being explored.

India imports crude oil from 40 countries, with Russia topping the list. According to Commerce Ministry data, Russia remained India's largest oil supplier in December 2024. Nearly one-third of India's total crude oil imports came from Russia. Oil imports from Russia grew 25% year-on-year to $3.92 billion. The figure rose 8% to $10.5 billion compared to $3.61 billion in November 2024.

Apart from Russia, India also imports oil from countries such as Saudi Arabia, UAE, US, Kuwait, Nigeria, Mexico, Oman, Brazil, Canada, Guyana, and Suriname.

How many countries does India sell oil to?

India not only imports crude oil but also refines it and exports it to countries around the world in the form of petroleum products. These products include high-speed diesel, petrol (motor spirit), fuel oil, aviation turbine fuel, and kerosene. Major exporting countries to India include the US, Singapore, Australia, Netherlands, UAE, European countries, and South Africa. Europe is at the forefront in buying refined oil from India.

What does India do with crude oil?

India refines imported crude oil to produce various petroleum products, which are used in daily life to transportation, power generation, aircraft operations, and military vehicles and submarines. These products not only meet India's energy needs but also strengthen the country's economy through exports in the global market.