NEW Hindustan Times
Tue 20 Oct 2026 08:21:07 AM
A recent history of India's petroleum trade | Number Theory
SUMMARY
# India's Petroleum Trade: A Recent Overview
India, the world's third-largest oil importer, heavily depends on crude imports meeting over 85% of its demand. Key suppliers include Saudi Arabia, Iraq, Russia, and UAE. Post-2022, Russia became a top supplier due to discounted crude after Western sanctions. India's petroleum exports, mainly refined products, make it a major refining hub. The government pushes for energy diversification through ethanol blending, solar, and EVs to cut import dependency and reduce the trade deficit driven largely by oil imports.
India, the world's third-largest oil importer, heavily depends on crude imports meeting over 85% of its demand. Key suppliers include Saudi Arabia, Iraq, Russia, and UAE. Post-2022, Russia became a top supplier due to discounted crude after Western sanctions. India's petroleum exports, mainly refined products, make it a major refining hub. The government pushes for energy diversification through ethanol blending, solar, and EVs to cut import dependency and reduce the trade deficit driven largely by oil imports.
Relevant For:
Mains
GS - III
Indian Economy
Focus Area
India’s Energy Security
Import Dependence
Trade Deficit
Current Account Deficit
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