India’s crude oil import dependency hits record high, likely to rise further
India’s dependence on imported crude oil reached 88.2% in the first 11 months of the current financial year (FY25), surpassing last year’s levels and indicating a potential all-time high for the full fiscal year. Data from the Petroleum Planning & Analysis Cell (PPAC) of the oil ministry shows an increase from 87.7% in the same period of FY24 and 87.8% for the entire FY24.
The rising dependency on imports is driven by growing energy demands across sectors, including transportation, petrochemicals, and aviation, while domestic crude oil production remains stagnant. India’s oil import reliance has steadily increased over the years, except for FY21, when COVID-19 slowed demand.
Government efforts to reduce import dependency, including policy reforms and incentives for domestic oil exploration, have had limited success. The Oilfield (Regulatory and Development) Amendment Bill, recent biofuel blending initiatives, and electric mobility promotion have yet to significantly curb petroleum demand growth.
India imported 219.9 million tonnes of crude oil between April and February, up from 213.4 million tonnes in the same period last year. Meanwhile, domestic oil production declined to 26.2 million tonnes from 26.9 million tonnes. With domestic crude oil covering only 11.8% of total petroleum product consumption, self-sufficiency remains low.
The country’s crude oil import bill for the April-February period stood at $124.7 billion, a nearly 3% increase year-on-year. As the world’s third-largest consumer and a key importer of crude oil,
India’s demand is expected to continue rising, with petroleum product consumption projected to grow by 4.7% in FY26, reaching 252.93 million tonnes. Refinery capacity is set to expand further, with the country’s current capacity standing at nearly 257 million tonnes per annum.
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Iran''''s Mexico Embassy says Iran is negotiating with FIFA to move World Cup matches
Mexico City (AP): Iran's Embassy in Mexico on Tuesday said the country is negotiating with FIFA to move Iran's World Cup matches from the U.S. to Mexico after President Donald Trump discouraged the team from attending the tournament, citing safety concerns.
It was unclear whether such talks are happening with FIFA, which did not immediately respond to requests for comment. Iranian officials have previously said it is up to FIFA and the U.S. to keep the team safe during the World Cup.
The Embassy posted a statement attributed to Iranian soccer federation president Mehdi Taj saying Iran wants to move its group stage matches to Mexico to ensure the safety of players and officials.
“When Trump has explicitly stated that he cannot ensure the security of the Iranian national team, we will certainly not travel to America,” the statement said. “We are currently negotiating with FIFA to hold Iran's matches in the World Cup in Mexico.”
The World Cup is being co-hosted by the United States, Canada and Mexico. Iran is scheduled to play against New Zealand on June 16 and Belgium on June 21 in Inglewood, California, before finishing group play in Seattle against Egypt on June 26.
Moving the games would be unprecedented less than three months before the start of the World Cup.
Trump said last week that the Iran team was welcome at the World Cup despite the ongoing war in the Middle East but “I really don't believe it is appropriate that they be there, for their own life and safety.”
Iran has sent mixed signals about its participation in the tournament after the U.S. and Israel launched attacks that killed the Islamic republic's Supreme Leader Ayatollah Ali Khamenei and dozens of other senior figures.
Sports minister Ahmad Donyamali told state TV last week that it was not possible to play "due to the wicked acts they have done against Iran.”
But after Trump's post the national team said on Instagram that “no one can exclude” it from the tournament and a government spokesman in Tehran stressed in it was the responsibility of FIFA and the U.S. as a co-host nation to keep players safe and secure.
“FIFA is the organizer of the World Cup,” Iran Foreign Ministry spokesman Esmail Baghaei said. “When warnings are issued at the highest level about the environment being unsafe for Iranian football players, this indicates that the host country apparently lacks the capacity and ability to provide security for such an important sporting event.”
Soccer is followed passionately in Iran, a nation of more than 90 million people which has qualified for seven men's World Cups and each of the past four editions. The team is ranked No. 20 in the world by FIFA and behind only Japan from Asia.
FIFA has not commented in recent days beyond an Instagram post by president Gianni Infantino last week that he'd received assurances from Trump that Iran was welcome at the tournament.
