Industry Odisha Bureau, May 20: Under the ongoing grim scenario caused by the unresolved West Asia crisis further aggravated by the Hormuz-Hurdle-triggered abysmal supply chain disruptions, all is not well with India’s crude oil trade deficit position.
Global Market Intelligence & Analytics CRISIL in its latest report captioned-“Oil’s Not Well”-has reportedly highlighted on India’s crude oil trade deficit being under tremendous pressure due to the country’s heavy dependence on imported crude oil.
The CRISIL report reportedly underlined that, “India’s crude oil trade deficit has been under the pump historically because of having to meet over 85 per cent of its annual requirement from imports.”
Elucidating, the CRISIL report indicated that “India’s oil imports have steadily risen from nearly 190 million tonnes in FY14 to over 300 million tonnes in FY26 following which India’s oil trade deficit is set to increase sharply in fiscal year (FY) 2026-27.”
Besides highlighting that the mounting pressure on the oil trade deficit has risen since fiscal year (FY) 2023-24, the CRISIL report has also cautioned that the uneasy situation set to worsen further in the current FY27 despite the fact that India’s oil trade deficit had even got reduced in the past when crude oil prices were lower.
