CHANGING PATTERN OF TRADE OF CRUDE OIL AND PETROLEUM PRODUCTS IN INDIA
DOI:
https://doi.org/10.62737/gnrwwx09Keywords:
Business, Crude Oil, Export, Import, Petroleum Products, and TradeAbstract
The paper discussed the pattern of crude oil and petroleum products trades in India. It has found that offshore fields are contributing a significant portion in crude oil production in India. The gap between production and imports of crude oil has increased continuously since 1987-88. Majority of production of crude oil is arising from Western Offshore and Western Onland, Assam & Assam Arakan basin, Cauvery basin, Krishna Godavari basin, and Krishna-Godavari Offshore basin. Import bill of oil and gas has increased more than two times in the last five years. Import of petroleum products was increased during 2017-18 to 2022-23, but export of such products was reduced during the period. Gross turnover by Central Public-sector Enterprises is increasing continuously, but decreased during 2019-2021ffor the corona pandemic. FDI in petroleum and natural gas sectors was increased continuously but declined later due to the corona pandemic. Demand for crude oil in India is always higher than the self-production. Cost of petroleum products imported is increasing continuously. During the Russia-Ukraine conflict, imports of crude oil were suddenly increased from Russia. Russia remains the top seller of oil in India during the war period. India is the third largest energy consumer. Therefore, the government should take major initiatives for increasing crude oil and petroleum products in India that will reduce its dependents on imports.
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