India’s Position in Global Oil Production and Consumption (2024-25)
Top 10 Oil-Producing Countries in 2024
According to the Energy Information Administration (EIA), the top 10 oil-producing countries in 2024 are:
United States – 20.01 million barrels per day (bpd)
Saudi Arabia – 10.9 million bpd
Russia – 10.8 million bpd
Canada – 5.9 million bpd
Iran – 5.1 million bpd
Iraq – 4.4 million bpd
China – 4.3 million bpd
United Arab Emirates – 4.0 million bpd
Brazil – 3.5 million bpd
Kuwait – 2.7 million bpdU.S. Energy Information AdministrationWorld Population Review
India's oil production stands at approximately 831,000 bpd, accounting for about 0.8% of global production. Voronoi App
Top 10 Oil-Consuming Countries in 2024
The leading oil-consuming countries in 2024 are:
United States – 19.0 million bpd
China – 16.4 million bpd
India – 5.6 million bpd
Saudi Arabia – 4.0 million bpd
Russia – 3.8 million bpd
Japan – 3.2 million bpd
South Korea – 2.9 million bpd
Brazil – 3.0 million bpd
Canada – 2.5 million bpd
Germany – 2.2 million bpdFacebook+2X (formerly Twitter)+2
India's consumption represents approximately 5.5% of global oil demand. U.S. Energy Information Administration+4The Indian Express+4JKempEnergy.com+4
India's Oil Production and Consumption Dynamics
Production Challenges
India's oil production has been on a decline, with a 2.2% decrease over the past decade. In 2024, it contributed just 0.7% to global oil supply. The Indian Express
Consumption Growth
India's oil consumption has been growing rapidly, driven by industrialization, urbanization, and increasing vehicle ownership. The country accounted for 25% of the global oil consumption growth between 2024 and 2025. U.S. Energy Information Administration
India's Strategic Oil Partnerships
India's reliance on oil imports is significant, with key suppliers including:
Russia: India has been increasing imports of discounted Russian oil, despite international sanctions. AP News+1
OPEC+ Members: Countries like Saudi Arabia, Iraq, and the UAE have been boosting oil exports to India, reflecting its growing importance in the global oil market. The Economic Times
India's Energy Investment Initiatives
To enhance energy security and reduce dependency on imports, India is investing in:
Refining Capacity: Indian Oil Corporation plans to invest ₹1.66 lakh crore over five years to expand refining and fuel marketing businesses. The Times of India
Renewable Energy: The focus is shifting towards cleaner energy sources, including solar and wind power, to diversify the energy mix.
FAQs
Q1: Why is India's oil consumption increasing?
India's rapid economic growth, industrialization, and rising vehicle ownership are major factors contributing to the increased demand for oil.
Q2: How does India's oil production compare globally?
India's oil production is relatively low, accounting for about 0.8% of global supply, while its consumption is among the highest, at 5.5% of global demand.
Q3: What are India's main sources of oil imports?
India imports oil primarily from Russia, Saudi Arabia, Iraq, and the UAE, with increasing volumes from these countries in recent years.
Q4: What steps is India taking to improve energy security?
India is investing in expanding refining capacity and diversifying its energy sources by promoting renewable energy initiatives.
Published on : 3rd September
Published by : aswini
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