India's Energy Import Dependence and Structural Vulnerability

India is the world's third-largest oil consumer and third-largest oil importer, with domestic production meeting only about 12–15% of requirements. Imports of crude petroleum are dominated by Iraq (the largest single supplier), Saudi Arabia, UAE, Kuwait, and the United States (which became significant after 2020). Russian crude gained a large share post-2022 under discounted terms. The Strait of Hormuz is the critical choke point: approximately 20 million barrels per day (20% of global petroleum liquids) transited it in 2024, and India was the second-largest destination country for Hormuz-transiting crude at 14.7% (after China at ~17%). LNG is equally exposed: Qatar provides roughly half of India's LNG imports, and QatarEnergy's declaration of force majeure on deliveries (following an Iranian drone strike) has already disrupted LNG supply chains.