Highlights

  • India's import bill nears all time high as oil price surges and rupee drops
  • India imports over 80% of it's crude oil requirement

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Crude Oil soars above $105/bbl - this is why Putin is now India's biggest problem

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Crude Oil soars above $105/bbl - this is why Putin is now India's biggest problem

India faces tough crude realities as the oil surges back abovethe the $100 mark. Here is why crude concerns as escalating for the subcontinent even as the war is between Russia and Ukraine.

  1. India is the world’s third-biggest oil user
  2. Annual oil demand seen at an all time high - 214.5 million tons
  3. India imports over 80% of it's crude demand
  4. India paid $82.4 billion for the crude oil it imported in the nine months through December 2021
  5. Crude bill for India set to top $100 billion this year
  6. This is a 109% jump over last year same period though amount imported only went up by 9%
  7. Every $1 rise in crude oil prices increases India’s import bill by about $1.5 billion
  8. The average price is about $79 per barrel this fiscal year as against $45 in 2020-21 and $60.5 in 2019-20
  9. Double whammy of a stronger dollar playing out
  10. For every rupee value decrease vs dollar increases spending by upto Rs 2,700 cr

Frequently Asked Questions

India is the world’s third-biggest oil user.

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