India’s Oil Imports – UPSC Prelims

India’s Oil Imports:
  • India’s overall oil imports fell by nearly 12% in the Fiscal Year 2021 compared to the previous fiscal year.
  • Of all those imports, the share of OPEC reduced to 72% from 80%. It is the lowest share of crude oil imports from OPEC since at least Fiscal Year(FY)-2002.
  • Further, India has bought more US and Canadian oil at the expense of reduction from Organization of the Petroleum Exporting Countries(OPEC) countries.
  • US and Canadian oil accounted for about 7% and 1.3% respectively of India’s imports compared to 4.5% and 0.60% a year earlier.
  • US has also emerged as the fifth-biggest oil supplier to India in FY21, up by two places from FY20.

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