India Oil: Imports, Refining & Import Dependence
India consumes about 5.60 million barrels of petroleum per day (2024), #3 among the countries tracked here. Its own fields cover only a small share of that demand, so India imports close to nine barrels in ten. That makes it one of the world's most price-exposed buyers and a growing driver of global oil demand, while its export-oriented refineries turn imported crude into fuel sold abroad.
Key Figures
| Measure | Value | As of / source |
|---|---|---|
| Petroleum consumption (#3 of tracked) | 5.60 Mb/d | 2024 · EIA |
| Import dependence | Imports supplied about 88.6% of India's oil consumption over the first ten months of fiscal 2025-26, up from about 55% in fiscal 1999 | OilPrice.com report on Indian government data, Feb 2026 |
| Domestic crude output | Peaked at 35.9 million tonnes in fiscal 2012 and has slipped to about 26 million tonnes in fiscal 2026 | Indian government data, as reported by Outlook Business |
| Largest refinery | Reliance Industries' Jamnagar complex in Gujarat, the largest single-site refinery in the world at roughly 1.4 million b/d | Reliance Industries / Bechtel |
| Strategic reserve | ISPRL rock caverns at Visakhapatnam, Mangalore and Padur hold 5.33 million tonnes combined, about 39 million barrels at capacity | ISPRL / Ministry of Petroleum & Natural Gas |
Rankings and comparisons: world production & consumption · reserves by country · biggest oil companies.
Why India Imports Almost All Its Oil
The gap between demand and supply
- Consumption has grown for decades while domestic crude production has fallen since 2012, so every increment of demand growth is met by imports.
- India buys crude from many origins and has repeatedly shifted its mix between Gulf, Russian and Atlantic Basin barrels depending on price and sanctions, which makes it a swing buyer other exporters compete for.
- Imported crude feeds large export-oriented refineries such as Jamnagar, so India is also a major supplier of gasoline, diesel and jet fuel to other markets.
What to watch
- How quickly ISPRL fills and expands its caverns; the physical methods are compared in how oil is stored, and current stock levels sit on strategic reserves.
- Fuel-price policy: retail prices in India are managed, so a crude price spike shows up in state oil-company margins and the budget before it reaches the pump.
- Refinery expansion plans, which decide how much more crude India will need to import and how much refined product it can export.
Oil Companies Operating in India
| Company | Type | Ownership |
|---|---|---|
| ONGC | National oil company (state-owned or state-controlled) | The Government of India held about 58.9% of the shares as of mid-2026. |
From the oil company directory: companies with material producing operations here or headquartered here, hand-curated from company filings.
India Oil FAQ
How much oil does India consume?
India consumes about 5.60 million barrels per day of petroleum and other liquids (2024), ranking #3 among the countries tracked here. Source: EIA international statistics.
Why does India import so much oil?
Domestic crude production has fallen from its 2012 peak while fuel demand has kept rising. Imports covered roughly 88.6% of consumption in the first ten months of fiscal 2025-26, according to Indian government data reported by OilPrice.com.
Is India part of OPEC?
No. India is one of the largest oil importers and has no seat in OPEC or OPEC+. It buys from OPEC members, Russia and other suppliers, and holds a strategic reserve of its own through ISPRL.
Does India refine oil for export?
Yes. Its large refineries, above all Reliance's Jamnagar complex at roughly 1.4 million barrels a day, produce more fuel than India consumes in some grades, and the surplus is exported.
Which oil companies operate in India?
The oil company directory lists ONGC with producing operations in India. See the directory for who owns each company and which basins it works.