India's oil imports, expressed in million barrels per day, have shown a consistent upward trajectory. In 2023, the import value stood at 5.80 million barrels per day. From 2024 onwards, forecasts indicate a steady rise: 5.94 in 2024, increasing to 6.09 in 2025, then continuing this trend to 6.24 in 2026, 6.39 in 2027, and 6.53 in 2028.
The year-on-year percentage variation between 2024 and 2025 is approximately 2.53%, while the variation from 2025 to 2026 is around 2.46%. From 2026 to 2027, the trend sees a variation of roughly 2.40%, and from 2027 to 2028, it is about 2.19%. The compounded annual growth rate (CAGR) over the five-year forecast period (2024 to 2028) averages to an annual growth of around 2.34%.
Looking ahead, future trends to watch for include technological advancements in energy efficiency, shifts towards renewable energy sources, and geopolitical factors that may impact oil supply and pricing. These elements could significantly influence India's oil import strategies and overall consumption patterns.
