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India Expands Oil Supply: Purchases Now from 43 Countries, Up from 27
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CNBC Awaaz•03-10-2026, 15:32
India Expands Oil Supply: Purchases Now from 43 Countries, Up from 27
- •India has expanded its crude oil purchases from 27 to 43 countries to meet its energy needs.
- •P. K. Mishra, Principal Secretary to PM Modi, stated this move aims to reduce over-reliance on any single source.
- •India imports about 90% of its domestic crude oil needs, making its economy vulnerable to global oil price fluctuations.
- •A $1 per barrel annual increase in crude oil prices could raise India's import bill by approximately ₹18,000 crore.
- •The 'Atmanirbhar Bharat' initiative focuses on building an economy resilient to shocks and adaptable to changing circumstances.
Key Questions Answered
India has expanded its crude oil sources and is now purchasing oil from 43 countries, an increase from the previous 27 countries, to reduce its over-reliance on any single source.
According to Bank of Baroda estimates, every annual increase of $1 per barrel in crude oil prices can raise India's import bill by approximately ₹18,000 crore.
India imports approximately 90% of its domestic crude oil needs, making it vulnerable to global conflicts, shipping disruptions, and sharp price surges.
