Optimize IAS
  • Home
  • About Us
  • Free Initiatives
    • Daily Practice Sheets
    • Daily Prelims Notes
    • Prelims Power Play
    • Mains Factly
    • Sunday Essay Sadhna
    • Mains Master Notes
  • Courses
    • Prelims 2023
      • OPTIMA 2023 Sectional & FLT
      • OPTIMA Notes & OPTIMA Cards
    • Integrated Guidance 2023
      • ARJUNA PRIME 2024
  • Downloads
    • Important Topics List for Prelims 2023
    • Daily Prelims Notes Compilation
    • Daily Practice Sheet Compilation
    • PPP Compilation
    • PSIR Notes
    • General Studies Notes
    • UPSC Mains Previous Year Papers
  • Portal Login
  • Home
  • About Us
  • Free Initiatives
    • Daily Practice Sheets
    • Daily Prelims Notes
    • Prelims Power Play
    • Mains Factly
    • Sunday Essay Sadhna
    • Mains Master Notes
  • Courses
    • Prelims 2023
      • OPTIMA 2023 Sectional & FLT
      • OPTIMA Notes & OPTIMA Cards
    • Integrated Guidance 2023
      • ARJUNA PRIME 2024
  • Downloads
    • Important Topics List for Prelims 2023
    • Daily Prelims Notes Compilation
    • Daily Practice Sheet Compilation
    • PPP Compilation
    • PSIR Notes
    • General Studies Notes
    • UPSC Mains Previous Year Papers
  • Portal Login

OIl Import Bill

  • April 25, 2022
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
No Comments
Print Friendly, PDF & Email

 

 

OIl Import Bill

Subject :Economy

Section :External sector

Context:

India, the world’s third biggest oil consuming and importing nation, spent $119.2 billion in 2021-22 (April 2021 to March 2022), up from $62.2 billion in the previous fiscal year, according to data from the oil ministry’s Petroleum Planning & Analysis Cell (PPAC).

Concept:

According to PPAC, India imported 212.2 million tonnes of crude oil in 2021-22, up from 196.5 million tonnes in the previous year. This was, however, lower than pre-pandemic imports of 227 million tonnes in 2019-20. The spending on oil imports in 2019-20 was $101.4 billion.

India imports about 85.5 percent of its crude oil needs, has a surplus refining capacity and it exports some petroleum products but is short on production of cooking gas LPG, which is imported from nations like Saudi Arabia.

The imported crude oil is turned into value-added products like petrol and diesel at oil refineries, before being sold to automobiles and other users.

World’s largest:

  • Russia is the world’s third-largest oil producer, trailing only Saudi Arabia and the United States.
  • Russia is the world’s largest exporter of crude and oil products, having shipped 7.8 mb/d in December 2021.
  • Russia is also a major exporter of natural gas and supplied almost a third, or 32%, of the gas consumed in Europe (and the U.K.) in 2021.
  • China, which is the world’s largest importer of crude oil, is Russia’s single-biggest buyer.
  • India imports 85% of its oil from about 40 countries, the bulk coming from the Middle East and the US. From Russia.; However, India imports 2% of its supplies, including oil which it converts to petroleum products after refining. So, it’s not Russian oil but oil in general and its rising prices that have India worried.
  • Top oil import destination of India: Iraq>USA>Nigeria>Saudi Arabia>UAE
OIl Import Bill
Print Friendly, PDF & Email
Loading

Recent Posts

  • Prelims Power Play 27 May 2023 May 28, 2023
  • Prelims Power Play 25 May 2023 May 28, 2023
  • SEBI to bring regulations for financial influencers (Finfluencers) May 27, 2023
  • Salt caverns as strategic petroleum reserves in India May 27, 2023
  • XPoSAT May 27, 2023
  • Shrinking of lakes worldwide May 27, 2023
  • RBI net seller of US dollar May 27, 2023
  • Challenges of climbing Mt Everest May 27, 2023
  • Floating point operations system (FLOPs) and Supercomputers May 27, 2023
  • Govt moots policy interventions for women empowerment May 27, 2023

About

If IAS is your destination, begin your journey with Optimize IAS.

Hi There, I am Santosh I have the unique distinction of clearing all 6 UPSC CSE Prelims with huge margins.

I mastered the art of clearing UPSC CSE Prelims and in the process devised an unbeatable strategy to ace Prelims which many students struggle to do.

Free Initiatives

  • Daily Practice Sheets
  • Daily Prelims Notes
  • Mains Factly
  • Prelims Power Play
  • Sunday Essay Sadhna

My Proven Strategy

  • Interview Strategy
  • Mains Strategy
  • Motivational
  • Prelims Strategy

Contact us

moc.saiezimitpo@tcatnoc

For More Details

Work with Us

Connect With Me

Santosh Pandey Quora Santosh Sir Telegram Santosh Sir Youtube Optimize IAS Instagram

Course Portal
Search