India's oil consumption saw a 4.6% increase in FY24, reaching 233.3 MMT, driven by growth in various petroleum products. However, domestic crude oil production remained steady at 29.4 MMT. Consequently, India's crude oil imports surged, meeting 87.7% of the country's oil requirements. This heightened dependency poses challenges amid geopolitical tensions and controlled supply from OPEC+. To counter rising oil prices, India urges its oil explorers like ONGC to boost production, aiming for a turnaround by FY25. Moreover, India has diversified its crude oil sources, now importing from 37 countries, including a significant share from Russia, previously minimal.