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West Asia Conflict Pushes India’s Oil, Gas Import Bill Higher
India buys much of its oil and gas from other countries.
A conflict in West Asia made energy supplies tighter and prices higher.
This caused India’s net oil and gas import bill to rise to $57.8 billion during April-July.
The bill was 43.4% higher than during the same period last year.
India imported almost the same share of its crude oil from abroad, about 88.3%.
LNG imports rose only a little, but they became much more expensive.
India also exported fewer petroleum products because it wanted to protect fuel supplies at home.
The Strait of Hormuz is important because much of India’s oil, LNG, and LPG arrives through it.
India’s net oil and gas import bill rose 43.4% year over year to $57.8 billion in April-July.
Crude oil imports cost $63.4 billion, while average landed prices increased to about $106 per barrel from $68.
India’s crude import dependence remained nearly unchanged at 88.3%, despite only a slight rise in import volumes.
LNG imports increased slightly in volume but cost nearly 25% more, reaching $5.6 billion.
Petroleum product exports fell in volume as domestic supplies were prioritised, while their value rose almost 35%.
- Who
- India, its energy importers, domestic consumers, and industries affected by fuel and gas supply conditions.
- What
- India’s net oil and gas import bill rose 43.4% to $57.8 billion in April-July.
- Where
- India and international energy routes through the Strait of Hormuz in West Asia.
- When
- During the first four months of the current financial year, April through July.
- Why
- The West Asia conflict tightened supplies and raised international oil and gas prices, while India remained heavily dependent on imports.
Key facts
- Net import bill
- $57.8 billion in April-July, compared with $40.3 billion a year earlier.
- Year-on-year increase
- 43.4% in the net oil and gas import bill.
- Crude import bill
- $63.4 billion, up more than 56% year over year.
- Average crude price
- About $106 per barrel, compared with about $68 per barrel a year earlier.
- Crude import dependence
- 88.3% through July, nearly unchanged year over year.
- LNG import bill
- About $5.6 billion, despite only a slight increase in import volume.
- Petroleum product exports
- Volumes fell nearly 18% to 16.5 million tonnes, while export value rose almost 35%.
Sources
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