Import

The total quantity of crude oil and petroleum import during 2004-05 was over 100 MMT, valued at Rs.134,094 crore ($29844 million). In the same year 21.50 MMT of petroleum products valued at Rs.47 crore were exported. Thus, India is not self sufficient in the production of petroleum and over 70 per cent of its demand is fulfilled by imported crude oil and petroleum.

During the year 2005-06, the public sector refineries purchased crude oil on term contract and spot basis. The countries from where term contract purchases were made included Saudi Arabia, Kuwait, UAE, Iran, Oman, Sudan, etc.