India's crude oil import bill surge 12% in H1 FY25 amid domestic slump

Quick Summary:

Crude oil imports amounted to 120.5 million tonnes between April and September, representing a 4 per cent increase from the 115.

However, experts from S&P Global Commodity Insights suggest that logistical challenges and the availability of discounted Russian crude might complicate India’s attempts to secure more oil from the South American nation.

The peak import level was 41,600 barrels per day (bpd) in April, while December 2023 saw imports as high as 143,000 bpd, according to S&P Global Commodities data.

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Category: BusinessFinance

Markets: IndiaBrazil

Topics: Crude oil imports ONGC Petroleum Planning and Analysis Cell data Open Acreage Licensing Programme Russian crude Brazil oil imports International oil investment Crude oil imports Government oil reforms Crude oil production decline India's crude oil imports Geopolitical tensions Hardeep Singh Puri BPCL FY25 Crude oil news Domestic oil output Brazil deepwater exploration SEAP projects Indian crude oil import news Import bill increase Import dependency Upstream companies India crude oil import bill Oilfields Regulation and Development Act amendments

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Published On: 2024-10-18 @ 13:07:01 (11 hours ago)

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