India: Market for Crude Oil and Processed Petroleum 2024

Market Size for Crude Oil and Processed Petroleum in India

In 2022, the Indian market for crude oil and processed petroleum increased by X% to $X, rising for the second consecutive year after two years of decline. Over the period under review, the total consumption indicated modest growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2020 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Crude Oil and Processed Petroleum in India

In value terms, crude oil and processed petroleum production shrank to $X in 2022 estimated in export price. Over the period under review, production recorded a pronounced downturn. The pace of growth was the most pronounced in 2021 when the production volume increased by X% against the previous year. Crude oil and processed petroleum production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Exports of Crude Oil and Processed Petroleum

Exports from India

In 2022, shipments abroad of crude oil and processed petroleum increased by X% to X tons, rising for the second year in a row after two years of decline. Over the period under review, total exports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by X%. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in the near future.

In value terms, crude oil and processed petroleum exports surged to $X in 2022. In general, exports saw a buoyant expansion. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

The Netherlands (X tons), Singapore (X tons) and the United States (X tons) were the main destinations of crude oil and processed petroleum exports from India, together comprising X% of total exports. Australia, Togo, Brazil, Israel, Indonesia, Turkey, South Korea, South Africa, the United Arab Emirates and China lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), the United States ($X) and Singapore ($X) appeared to be the largest markets for crude oil and processed petroleum exported from India worldwide, with a combined X% share of total exports. Togo, Israel, Brazil, Australia, Indonesia, South Africa, Turkey, the United Arab Emirates, South Korea and China lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Togo, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for crude oil and processed petroleum amounted to $X per ton, jumping by X% against the previous year. Over the period under review, the export price recorded a slight expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Israel ($X per ton) and South Africa ($X per ton), while the average price for exports to South Korea ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Africa (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Crude Oil and Processed Petroleum

Imports into India

In 2022, purchases abroad of crude oil and processed petroleum increased by X% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, crude oil and processed petroleum imports soared to $X in 2022. Overall, imports recorded a modest increase. The pace of growth appeared the most rapid in 2021 with an increase of X%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Iraq (X tons), Saudi Arabia (X tons) and Russia (X tons) were the main suppliers of crude oil and processed petroleum imports to India, with a combined X% share of total imports. The United Arab Emirates, the United States, Kuwait, Nigeria, Mexico, Oman, South Korea, Angola, Qatar and Singapore lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Iraq ($X), Saudi Arabia ($X) and Russia ($X) were the largest crude oil and processed petroleum suppliers to India, together accounting for X% of total imports. The United Arab Emirates, the United States, Kuwait, Nigeria, Oman, Mexico, Angola, South Korea, Qatar and Singapore lagged somewhat behind, together accounting for a further X%.

The United Arab Emirates, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for crude oil and processed petroleum stood at $X per ton in 2022, picking up by X% against the previous year. In general, the import price, however, showed a mild descent. The growth pace was the most rapid in 2021 an increase of X%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Nigeria ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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