Russian Crude Imports Slash India’s Oil Expenses by $8 Billion in FY24
India managed to save approximately $7.9 billion on oil imports during the 11 months of the 2023-24 financial year, ending on March 31.
This is compared to $5.1 billion saved over the entire 2022-23 period. The savings were achieved by purchasing larger quantities of Russian crude at significant discounts.
These savings led to a reduction in India’s current account deficit-to-GDP ratio by 15-22 basis points in 2023-24. However, if the discounts on Russian crude remain low, India’s net oil import bill could increase to $101-104 billion in 2024-25 from $96 billion in 2023-24, assuming an average crude price of $85 per barrel.
According to data from the commerce ministry, the share of Russian crude in India’s oil import mix rose to around 36% during the period from April 2023 to February 2023, marking a significant increase from about 2% in 2021-22.
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