Explanation:

The crude oil production for the year 2014-15 is at 37.461 Million Metric Tonnes (MMT) as against production of 37.788 MMT in 2013-14, showing a decrease of about 0.87%. The reason for decrease are twofold, firstly the natural decline in the old and ageing fields; and secondly, production of crude oil was affected due to less production from Rajasthan and Andhra Pradesh. Import of Crude Oil during 2014-15 was 189.432 MMT with an oil bill of Rs. 6,87,350 crore.  This implies that 75 per cent of total oil consumption is being met through imports, India’s dependence on imports for petroleum and petroleum products is very high. India continues to be a net importer of Oil. India also exports Petroleum products and with approximately 13.8 % share in the total exports of India, Petroleum remains far below the other products. Petroleum, Crude Oil and other products are India’s largest Import Commodity.