 "crude oil")
Discounted sales from Russia are reported to have reduced India’s annual oil import bill from $157 billion to $132 billion last year. Our trade deficit and inflationary pressures will, however, persist as global oil prices are expected to remain elevated. Being projected as the world’s largest source of incremental oil imports in the years ahead thus seems a dubious distinction.
Data for financial year 2023-24 showed yet another decline in domestic crude oil production to 29 million tonnes (mt), or about 600,000 barrels per day (bpd), while imports at 232 mt stayed at 87 per cent of
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