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India's Crude Oil Import Bill Rises 47% to $15.4 Billion in September
Sentiment: NeutralHigh Priority
What Happened?
India's crude oil import bill surged 47% to $15.4 billion in September, driven by rising energy prices amid escalating tensions in West Asia. The average crude price reached $116.09 per barrel.
Key points
- Oil imports increased by 7% to 21.7 million tonnes in September compared to 20.3 million tonnes a year earlier.
- The Indian basket crude price averaged $116.09 per barrel in September, up from $69.61 a year ago.
- Russia was India's largest crude oil supplier in September, accounting for 35% of total imports.
- India's net oil and gas bill rose nearly 40% year-on-year to $13.4 billion in September.
- Petroleum product exports fell by 24.6% year-on-year in September.
Key insights
- Rising energy costs may lead to increased inflationary pressures in India.
- Dependence on foreign crude sources could affect India's energy security.
- The decline in petroleum exports may impact India's trade balance.
Why it matters
The increase in India's crude oil import bill highlights the impact of global energy price fluctuations on the country's economy.
Entities
India· CountryRussia· CountryIraq· CountrySaudi Arabia· CountryUnited Arab Emirates· CountryKuwait· CountryPetroleum Planning and Analysis Cell· Organization
Source
Business Standard
