India's fossil fuel trade by Vijetha
The Russia-Ukraine war and the ensuing oil embargos have been in the news for long now. The impact of this on India's oil trade and the corresponding trade figures are depicted here.
With a population of over 1 billion, India is highly dependent on its fossil fuel imports to meet the energy needs of its growing population and economy.
It is the third largest consumer of crude oil in the world, after the United States and China and the second biggest oil importer. On the other hand, India has developed significant processing capacity over the years to produce and export refined petroleum and other petroleum products.