Crude import bill down 16% in FY24; dependence increases marginally to 87.7%

Lower oil prices helped India cut its crude oil import bill by 16% YoY to $132 billion in 2023-24 even though volumes remained the same, according to the oil ministry data.

The country imported 232 million metric tonnes (MMT) of crude oil in 2023-24. Domestic crude oil production was 29 MMT, little changed from the output in the previous year.

Brent, the international crude benchmark, averaged $82 per barrel in 2023-24, lower than $96 per barrel in the previous year. Imports of refined petroleum products fell 13% to $23 billion while exports fell 17% to $47 billion on lower prices.

Imports of LNG fell 22% to $13 billion despite a 17% rise in volumes to 31 billion cubic meters in 2023-24.

India's dependence on imports for its oil consumption marginally increased to 87.7% in 2023-24 from 87.4% in the previous year. Gas import dependence also rose to 46.4% from 43.9%.

Domestic natural gas consumption rose 11% to 66.6 BCM in 2023-24 as lower global prices aided imports and consumption. Local gas production rose 6% to 36.5 BCM.

Refiners produced 3.6% more petroleum products in 2023-24. The consumption of petroleum products during 2023-24 rose 4.6% to 233 MMT.