India · IND
India
The growth market that will decide whether coal has a 2030s. India’s TES is still smaller than the US, with four times the people.
Oil production
0.7 mb/d
5.7 mb/d demand
Net oil
-5.0 mb/d
Import gap
Gas production
32 bcm
Net -36 bcm
O&G rent
0.3%
Share of GDP
Oil balance
Production versus demand, 2025, million barrels per day.
Gas balance
Production versus demand, 2025, billion cubic metres.
Proven oil
5 bn bbl
Gas reserves
1.3 tcm
Refining
5.8 mb/d
LNG
27 bcm import
Hydrocarbon mix
Oil versus gas in this country’s oil-and-gas demand (oil-equivalent).
- Oil70%
- Gas30%
Inflows and outflows
What leaves. What arrives.
India outflows 0 kb/d crude, 0 bcm LNG. Inflows 4.62 mb/d crude, 17 bcm LNG.
Local crude
Indian basket
$131.0
3 January 2026 · Maduro ousted
28 February 2026 · Iran war started
Official import basket. Now a blend of Dubai, Urals, US and Venezuelan grades — and the most expensive print on this board in September.
All crude tapes and bpd flowsMapped crude
Barrels per day.
Outbound
None mapped.
Inbound
- Russia2.14 mb/d+460 kb/d
- United States580 kb/d+400 kb/d
- Nigeria510 kb/d+120 kb/d
- Iraq410 kb/d−530 kb/d
- Venezuela360 kb/d+180 kb/d
- Saudi Arabia340 kb/d−450 kb/d
- UAE280 kb/d−120 kb/d
LNG out
None mapped.
LNG in
- Oman7 bcm−1 bcm
- Qatar6 bcm−10 bcm
- UAE4 bcm−1 bcm
Economy
Oil is the fiscal nerve. Every $10 on Brent is a current-account event. Cooling, steel and two-wheelers drive power demand; solar is the cheapest new kWh but coal remains the baseload political economy.
- GDP
- $4.2 tn
- Population
- 1,450.0 m
- Oil intensity
- 0.5 bbl /$1k
- Oil & gas rent
- 0.3% GDP
- Hydrocarbon trade
- 4.6% GDP
- Fiscal breakeven
- —
- $30 oil shock
- -13.1 pp GDP
- Club
- Independent
Projected oil demand
Regional IEA WEO 2025 oil pathways applied to this country’s 2025 baseline. STEPS 2035 demand 7.9 mb/d (net -7.2) versus NZE 4.4 mb/d (net -4.1).
| Scenario | 2025 | 2030 | 2035 | 2050 |
|---|---|---|---|---|
| Stated Policies | 5.7 | 6.7 | 7.9 | 9.4 |
| Net Zero 2050 | 5.7 | 6.0 | 4.4 | 2.1 |
| Current Policies | 5.7 | 6.8 | 8.1 | 10.1 |