India's crude oil import bill flat in November despite higher purchases

India's oil imports were worth $9.9 billion, largely unchanged Y-o-Y in November, as global prices slid

India saved on crude oil purchases in November, with the import bill remaining flat year-on-year despite an 11 per cent increase in import volumes.

 

The country's oil import bill stood at $9.9 billion in November, unchanged from a year earlier, data from Petroleum Planning & Analysis Cell (PPAC) showed. India imported 21.1 million tonnes (MT) of crude oil in the month, much higher than 18.9 MT imported in the same period last year.

 

The lower import bill despite higher oil purchases was on account of sliding crude oil prices in 2025 as oversupply looms over the international market. The Indian basket crude price averaged $64.31 per barrel during November 2025, as against $73.02 a barrel last year. 

Between April and November, the country’s crude oil import bill was down by almost 12 per cent Y-o-Y to $80.9 billion.

 

Amid fears of supply glut and optimism around Ukraine-Russia peace deal, Benchmark Brent fell below $60 per barrel earlier in the week, the lowest in the last five years. Crude oil prices are likely to remain muted in 2026 as producing nations, such as Organisation of Petroleum Exporting Countries and its allies (or OPEC+) and the US, aim to boost output to conquer market share, despite dwindling global demand.

 

“For energy commodities, the balance points to downward pressure on oil prices from a broad-based rise in global supply and a slowdown in demand growth, driven primarily by the electric vehicle (EV) boom in China, while a potential easing of Russian sanctions adds further downside risk to both oil and gas,” said Claudio Galimberti, chief economist at Rystad Energy.

 

India’s liquefied natural gas (LNG) import bill also remained flat at $1.2 billion in November, despite a five per cent rise in import volumes. The country imported 2,844 million metric standard cubic metre (MMSCM) of LNG in the month, as against 2,712 MMSCM last year.

 

The net oil and gas import bill was down 4.12 per cent Y-o-Y at $9.3 billion in November. Net oil and gas import bill account for crude oil, LNG and petroleum products import and petroleum products export. In November, India exported petroleum products worth $3.4 billion.

 

Lower energy prices are a big positive for India as the country is dependent on imports for around 90 per cent of its crude oil requirements and 50 per cent of natural gas needs.