Sector Snapshot · Oil

India's Oil Demand Set to Double by 2045

A fast-read primer on India's oil exploration and production sector — the backdrop against which we benchmark every company's cost structure in this category.

India's rank as largest oil consumer globally

25.63 MMT

Crude oil production, FY26 (Apr-Feb)

243.22 MMT

Crude oil imports, FY25 (+3.82%)

500 mn tonnes

Crude oil consumption forecast by FY40

258.12 MMTPA

Refining capacity, FY25

Consumption and Refining Capacity Both Keep Growing

Crude consumption is on a clear multi-decade growth path, backed by expanding refining capacity.

Crude Oil Consumption (million tonnes)

FY24 → FY40 forecast

233.3 MT

FY24

500 MT

FY40F

Refining Capacity (MMTPA)

FY24 → FY25

251 MMTPA

FY24

258.12 MMTPA

FY25

What's Pushing the Sector Forward

Global scale, rapid capacity expansion, and supportive policy define the sector.

Scale

World's 3rd-largest oil consumer
4th-largest crude oil refiner globally

Rapid Expansion

Refiners set to add 56 MTPA of capacity by 2028
Rs3,28,227cr capex planned for a petrochemicals push

Policy Support

FDI limit for PSU refining projects raised to 49%

Recent Developments

A sample of the industry-wide and policy moves shaping the sector through early 2026.

→ Crude oil production rose to 25.63 MMT in FY26 (Apr-Feb).
→ Crude oil imports rose 3.82% to 243.22 MMT in FY25.
→ India's oil demand is projected to register 2x growth, reaching 11 million barrels per day by 2045.
→ Over 67 million Indians visit fuel stations daily.
→ ONGC accounts for approximately 70% of the country's total oil and gas output.
→ Reliance's privately-owned refinery held a 26.42% market share as of April 2025.

Companies We Benchmark in This Sector

Listed Indian Oil companies in tDoBe's cost-benchmarking coverage.

ONGC

Oil India

Aegis Vopak Terminals

Vedanta Oil and Gas

Deep Industries

Antelopus Selan

Hindustan Oil Exploration

Prabha Energy

Asian Energy Services

Jindal Drilling

Dolphin Offshore Enterprises

Gujarat Natural Resources

Ganesh Benzoplast

Teja Engineering

Oil Country Tubular

DHP India

Alphageo (India)

Aakash Exploration Services

See How These Companies Compare on Cost

The numbers above set the stage. Our Report translates it into a company-by-company cost benchmark — down to the category — so you can see exactly where a business sits against its peers.

Explore the Oil Report

Compiled from public government and industry sources, February 2026 update · Figures rounded · tDoBe sector snapshot, for informational purposes