India’s crude oil imports stable at 232.5 million tons in FY 2023-24

*A crude oil tanker sails in Nakhodka Bay near the port city of Nakhodka, Russia, December 4, 2022. REUTERS/Tatiana Meel/File Photo.

Bengaluru — India imported 232.5 million metric tonnes (MMT) of crude oil in the financial year 2023-24, compared with 232.7 MMT the prior fiscal year, provisional government data showed on Wednesday.

The world’s third-biggest oil importer and consumer spent $132.4 billion importing oil in fiscal year 2023-24, nearly 16% lower than the $157.5 billion spent in the year prior.

India’s fuel consumption fell 0.6% year-on-year in March, but demand for the 2024 financial year was up about 5%, primarily driven by higher automotive fuel and naphtha sales.

The United States has not asked India to cut Russian oil imports as the goal of sanctions and the G7-imposed $60 per barrel price cap is to have stable global oil supplies while hitting Moscow’s revenue, an American treasury official said earlier in the month.

*Anushree Mukherjee; editing: Daniel Wallis – Reuters

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