NEW DELHI: Europe became the top destination for India’s export of petroleum products such as petrol and diesel, supplying $18.4 billion worth of these products this fiscal, from April to January 2024.
According to the commerce ministry data, India exported refined petroleum product the most, $10.9 billion, to the Netherlands, followed by $5.7 billion to Singapore, $5.4 billion to the UAE, $5 billion to the USA, $3.5 billion to Australia, and $3.2 billion to South Africa for the same period.
Overall, India exported petroleum products worth $70.13 billion. In terms of crude oil imports, India received the largest quantity from Russia, followed by Iraq, Saudi Arabia, the UAE, and the USA from April to January 2024.
The country imported crude worth $38.9 billion from Russia, with Iraq as the second-largest supplier at $23.4 billion. From Saudi Arabia, India imported crude worth $17.7 billion, and from the USA, it imported $4.7 billion worth of crude. Despite decreasing discounts on oil and sanctions from G7 nations due to its actions in Ukraine, Russia remained dominant supplier of oil to India in 2023-24. Initially, Russian crude was sold at a discount of $30/barrel to the international benchmark Brent, but now the discount has narrowed to $2-3 per barrel.
As per the commerce ministry data, India’s imports from Venezuela also began. India imported $0.179 billion worth of crude from the South American country in January.
India’s imports from Venezuela also began. India imported $0.179 billion worth of crude from the South American country in January.
India, which resumed importing Venezuelan crude oil in December 2023 after a hiatus of more than three years, emerged as the largest buyer in January 2024 for the South American nation that has the world’s largest proven oil reserves.
India exports petroleum products of $70 billion
Overall, India exported petroleum products of $70 bn. In terms of crude oil imports, India received largest quantity from Russia, followed by Iraq, Saudi Arabia, the UAE, and the USA from Apr 2023 to Jan 2024.