India Crude Oil Import Data: Top Importers, Suppliers & HS Codes

Were you aware? India imports a large share of its crude oil requirements from international markets due to limited domestic production. With the country’s strong and consistent economic growth, its energy demand is expected to rise faster than any other major economy in the world. By 2035, India’s primary energy demand is expected to grow twice as fast as the global average.

In this blog, we will cover:

• India crude oil import data (2023–2025)

• Leading crude oil suppliers to India

• HS codes for crude oil imports

• Top crude oil importing countries worldwide

• India’s top crude oil importers and refiners

India Crude Oil Import Data (2024–25)

According to government data, in FY 2024–25, India’s crude oil imports rose by 4.2%, reaching 242.4 million tonnes (MT). India’s import dependency rose marginally to 89.1% in March 2025, up from 88.6% a year earlier.

India Crude Oil Import Data (2023–24)

• In FY 2023–24 (April 2023 to March 2024), India’s crude oil imports totaled 232.5 million metric tonnes (MMT).

• This was almost the same as 232.7 MMT imported in the previous fiscal year.

Major Crude Oil Suppliers to India

India sources crude oil from a diverse range of countries. The leading suppliers are:

• Iraq – $37.1B

• Saudi Arabia – $32.7B

• Russia – $25.5B

• United Arab Emirates – $14.8B

• United States – $10.8B

These suppliers account for the bulk of crude oil imports in India, ensuring supply security and price competitiveness.

Leading HS Codes for Crude Oil Imports

The key crude oil hs code and petroleum oils are:

• 2707- Oils And Products Of The Distillation
• 27079100- Creosote oils
• 2709- Petroleum Oils And Oils Obtained From Bituminous Minerals, Crude
• 2710- Petroleum oils and oils (other than crude)
• 27101980- Lubricating oil

Crude oil generally falls under HS Code 2709. For updated details on HS codes and shipping costs, visit ExportImportData.in.

Top 10 Crude Oil Importing Countries

Here is the list of the world’s largest crude oil importers:

1. China
2. Europe
3. United States
4. Other Asia Pacific
5. India
6. Japan
7. Singapore
8. Canada
9. South & Central America
10. Other CIS

 In 2023, China was the largest crude oil importer at 13.7 million barrels per day, followed by Europe with 12.8 million barrels per day.

Top Crude Oil Importers in India

India has several major refiners and corporations that handle crude oil importers in India and refining. The leading ones include:

1. Nayara Energy (Rosneft-backed) – Operates one of Asia’s leading refineries and 6,000+ retail outlets.

2. Reliance Industries (RIL): Operates the world’s largest integrated refinery at Jamnagar, with a capacity of 1.4 million barrels per day.

3. Indian Oil Corporation (IOC): Recognized as India’s largest oil refiner and fuel distributor, serving both domestic and global markets.

4. Bharat Petroleum Corporation (BPCL) – Major player in refining and distribution of petroleum products.

5. Hindustan Petroleum Corporation (HPCL) – Operates refineries in Mumbai and Visakhapatnam.

6. Oil and Natural Gas Corporation (ONGC) – India’s top oil and gas exploration company.

7. Bharat Oman Refinery Limited (BORL): Operates with a refining capacity of 7.8 million metric tonnes per annum (MTPA).

8. Chennai Petroleum Corporation Limited (CPCL): Specializes in crude oil refining and petrochemical production, catering to diverse energy needs.

9. Adani Welspun Exploration Limited (AWEL) – Active in oil and gas exploration.

10. Tata Petrodyne Limited (TPL) – Exploration and production company under the Tata Group.

These companies form the backbone of India’s crude oil import and refining ecosystem.

How to Find India’s Largest Crude Oil Importers?

To identify crude oil suppliers, buyers, and exporters, you can use ExportImportData.in’s data-driven dashboard. It provides:

• Verified importer and supplier details

• Shipment records from 130+ countries

• Trade trends, pricing insights, and buyer lists

This makes it easier for businesses to connect with India crude oil importers and global suppliers.

Final Thoughts

India’s crude oil imports are expected to keep rising due to growing domestic demand. To stay competitive, Indian importers must focus on sourcing efficiency, pricing strategies, and strong supplier partnerships.

For the most updated India crude oil import data, top importers, and suppliers, Export import data connect with ExportImportData.in and access our live trade database.