13-Apr-2020
Oil is the lifeline of the industrial world. It is the most important source of energy in the world today. It is used to generate electricity, provide fuel to run different types of transportation. Transportation is used to transport goods and people around the world. The oil and gas industry in India goes back to 1889 when the first oil reserve was found in Digboi, Assam. India found natural gas reserves in the 1960s with the discovery of oil reserves in Assam and Gujarat. India is a vast country and the reserves are insufficient to meet the demand for oil. India is the third-largest oil exporter in the world. The oil import data India shows that mineral fuels, oil, and waxes are the country’s top imports. Oil import data accounts for 27% of total imports of India.
Custom Officials collect the oil import data India at custom ports around the country. The data is information present in the bill of lading. The bill of lading contains the following information product information (product description and HS Code), Quantity (unit quantity, total quantity) and price (unit price, total price). The bill of lading contains details of the importer and exporter with the port of exit and port of entry.
Domestic output has remained stagnant while India’s oil dependence has been growing. According to oil import data, India imported 83.7% of oil dependence in 2018-19. The data further showed India imported 211.6 million tons of oil in 2018-19, a jump of 2.6% from the previous financial year. The country spent 111.9 billion dollars on oil imports in 2018-19. When compared to 2017-18 India imported 82.9% of oil consumption in 2017-18. The oil import data India showed India imported 206.2 million tons of oil.
The largest oil importers in India are:-
Nigeria, Kuwait, Mexico, Angola, and Brazil are the other major importers of oil. The import data showed India’s crude oil imports from the US have jumped by over 72% in 2019.
International events play a huge role in the import of crude oil. International events impact the oil imported by India. After international sanctions against Iran, India reduced the oil imported from Iran. India was granted an exemption from the sanction which was revoked in May 2019. The sanctions against Venezuela saw oil import dropping by 5.56% in 2018-19.
Ports allowed by the Government of India to import oil under the Petroleum Rules 2002 are:-
Some ports can be given special permission to import petroleum products occasionally. The ports are:-
India’s oil bill for FY 2020 is expected to fall sharply because of the COVID-19 virus. The failed talks between OPEC and Russia have reduced the crude oil price to about 30 dollars a barrel from 70 dollars a barrel in 2019. If the price remains at this level, it will reduce the import bill considerably.
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