India's crude imports rise 60% amid Hormuz crisis
after close1 source ↓written by the desknot a recommendation
- year-on-year in Q1
- 60%
- in value
- 45%
- of its crude
- 88%
India’s crude oil import bill surged 60% year-on-year in Q1 FY2024, driven by tight supply and elevated prices due to the West Asia crisis. Net oil and gas imports increased 45% in value, highlighting the economic impact on energy-dependent India, which relies on imports for 88% of its crude needs. ⚡
• Crude import volumes dipped slightly
• LNG imports also rose in value despite volume decline
• India remains a net exporter of petroleum products due to strong refining capacity.
Not investment advice. For informational purposes only.