India overtakes Japan as world's No 3 crude importer

[Chanakya's_Chant]

India overtakes Japan as world's No 3 crude importer ​

India overtakes Japan as world's No 3 crude importer ​

TOKYO: India has overtaken Japan as the world's third-biggest crude oil importer in 2013, data showed on Thursday.

India imported 3.86 million barrels-per-day of crude oil last year, tanker arrival data compiled by Reuters from trade sources showed on Thursday.

India's imports were nearly 6 percent higher than Japan's customs-cleared imports of 3,648,372 bpd (211,716,710 kilolitres).
Source:- India overtakes Japan as world's No 3 crude importer - The Economic Times

 

[jarves]

Bad news.

 

[Parul]

Bad news.

How is it a bad news???

 

[jarves]

How is it a bad news???

We use foreign reserves for importing crude oil........
We are not China with 4 trillion reserves.

 

[Parul]

We use foreign reserves for importing crude oil........
We are not China with 4 trillion reserves.

Apparently, all the countries use there foreign reserves for importing crude oil????

 

[jarves]

Apparently, all the countries use there foreign reserves for importing crude oil????

And your point is?

 

[Chanakya's_Chant]

We use foreign reserves for importing crude oil........
We are not China with 4 trillion reserves.

Apparently, all the countries use there foreign reserves for importing crude oil????

Well this is despite the recent steps taken by the GOI to reduce crude imports in order to contain CAD and Fiscal Deficit - This is not a worrisome thing for it just indicates that our nation is developing! and as a matter of fact we do purchase crude in Rupees with Iran. India currently pays 55 per cent of its crude oil purchases from Iran in rupees and the rest in euros. So it is not the Foreign Exchange reserves always!

 

[jarves]

Well this is despite the recent steps taken by the GOI to reduce crude imports in order to contain CAD and Fiscal Deficit - This is not a worrisome thing for it just indicates that our nation is developing! and as a matter of fact we do purchase crude in Rupees with Iran. India currently pays 55 per cent of its crude oil purchases from Iran in rupees and the rest in euros. So it is not the Foreign Exchange reserves always!

No doubt about it.

 

[Sunny009]

And your point is?

You need oil to churn our economy. Obviously we don't have any ourselves.

 

[Android]

Well this is despite the recent steps taken by the GOI to reduce crude imports in order to contain CAD and Fiscal Deficit - This is not a worrisome thing for it just indicates that our nation is developing! and as a matter of fact we do purchase crude in Rupees with Iran. India currently pays 55 per cent of its crude oil purchases from Iran in rupees and the rest in euros. So it is not the Foreign Exchange reserves always!

Most of the economic sanctions placed on Iran will be lifted in few months then we will have to revert back to paying them in USD

 

[Parul]

Well this is despite the recent steps taken by the GOI to reduce crude imports in order to contain CAD and Fiscal Deficit - This is not a worrisome thing for it just indicates that our nation is developing! and as a matter of fact we do purchase crude in Rupees with Iran. India currently pays 55 per cent of its crude oil purchases from Iran in rupees and the rest in euros. So it is not the Foreign Exchange reserves always!

I'm well aware about the payment arrangements we have with Iran (courtesy sanctions). I made a generic statement that to buy crude oil, one needs to trade in $$$$.

As other members pointed, we need oil, to church our economy. That is why I asked Jarves, 'how importing oil is bad for our economy'???

 

[egodoc222]

You need oil to churn our economy. Obviously we don't have any ourselves.

i dont think we have explored indian ocean enough!

 

[Rajaraja Chola]

It means Indian economy is up and kicking. What we need is reduce the subsidy for diesel. Then the govt will be able to pay better for its import. Subsidy for diesel and kerosene is just too high.

 

[kbd-raaf]

It means Indian economy is up and kicking. What we need is reduce the subsidy for diesel. Then the govt will be able to pay better for its import. Subsidy for diesel and kerosene is just too high.

I heard about 40% of India's budget is just money for subsidies. That's like $200B a year.

 

[egodoc222]

I'm well aware about the payment arrangements we have with Iran (courtesy sanctions). I made a generic statement that to buy crude oil, one needs to trade in $$$$.

As other members pointed, we need oil, to church our economy. That is why I asked Jarves, 'how importing oil is bad for our economy'???

if our exports are on par with our imports...then it wouldnt affect... but mismatch btwn imp and exp... depreciating currency,inc in crude oil price...and nw inc in demand for oil which already makes up bulk of our import...would defintely affect our economy.