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India - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends And Insights

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Article Publishing Date: Feb 21, 2024

India's October 2023 Import of Crude Oil Increases Slightly to $12.4B

India Crude Oil Imports

In October 2023, crude oil imports into India reached 19M tons, surging by 15% against September 2023. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in December 2022 when imports increased by 33% against the previous month. As a result, imports reached the peak of 26M tons. From January 2023 to October 2023, the growth of imports remained at a somewhat lower figure.

In value terms, crude oil imports soared to $12.4B (IndexBox estimates) in October 2023. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in August 2023 when imports increased by 28% month-to-month. India Crude Oil Imports By Country (Billion USD)

COUNTRY	Import Value of Crude Oil in India (billion USD)
COUNTRY	Oct 2022	Nov 2022	Dec 2022	Jan 2023	Feb 2023	Mar 2023	Apr 2023	May 2023	Jun 2023	Jul 2023	Aug 2023	Sep 2023	Oct 2023
Russia	3.2	3.1	3.2	3.2	3.4	4.0	4.0	4.6	3.8	3.4	4.2	3.5	3.8
Iraq	2.8	2.1	2.5	2.4	2.0	3.0	2.4	2.2	1.9	1.8	2.3	2.3	2.8
Saudi Arabia	2.0	2.3	2.6	2.3	2.3	2.6	2.3	1.7	1.5	1.4	2.1	1.7	1.8
United Arab Emirates	1.3	1.7	1.0	0.9	1.4	0.8	0.5	0.8	0.5	0.5	0.5	0.5	0.9
United States	0.7	1.2	2.1	1.2	0.8	0.3	0.5	0.5	0.6	0.6	0.5	0.6	0.5
Others	3.9	3.1	4.0	2.1	3.4	2.9	2.4	2.4	1.8	1.4	1.9	1.9	2.6
Total	13.9	13.6	15.3	12.1	13.3	13.6	12.1	12.1	10.0	9.0	11.5	10.4	12.4

Imports by Country

Russia (6.1M tons), Iraq (4.5M tons) and Saudi Arabia (2.6M tons) were the main suppliers of crude oil imports to India, with a combined 69% share of total imports.

From October 2022 to October 2023, the biggest increases were in Russia (with a CAGR of +1.6%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest crude oil suppliers to India were Russia ($3.8B), Iraq ($2.8B) and Saudi Arabia ($1.8B), together accounting for 68% of total imports.

Russia, with a CAGR of +1.4%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In October 2023, the crude oil price stood at $649 per ton (CIF, India), with an increase of 3.9% against the previous month. Overall, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in August 2023 an increase of 9.4% month-to-month. Over the period under review, average import prices attained the maximum at $700 per ton in November 2022; however, from December 2022 to October 2023, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In October 2023, the countries with the highest prices were the United States ($747 per ton) and Nigeria ($733 per ton), while the price for South Korea ($603 per ton) and Russia ($619 per ton) were amongst the lowest.

From October 2022 to October 2023, the most notable rate of growth in terms of prices was attained by the United States (+0.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the crude oil market in India. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

India

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in India
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023

India - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends And Insights

India's October 2023 Import of Crude Oil Increases Slightly to $12.4B

India Crude Oil Imports

Imports by Country

Import Prices by Country

Product coverage:

Country coverage:

Data coverage:

Reasons to buy this report:

1. INTRODUCTION

2. EXECUTIVE SUMMARY

3. MARKET OVERVIEW

4. MOST PROMISING PRODUCT

5. MOST PROMISING SUPPLYING COUNTRIES

6. MOST PROMISING OVERSEAS MARKETS

7. PRODUCTION

8. IMPORTS

9. EXPORTS

10. PROFILES OF MAJOR PRODUCERS

LIST OF TABLES

LIST OF FIGURES

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