Crude oil import bill surged 41% YoY to $15.3 billion in July 2024
GK and monthly revision
India’s crude import bill surges 41% in July amid West Asia crisis; volumes up 13%
India's crude oil import bill surged 41% year-on-year in July 2024 to $15.3 billion, driven by a 13% rise in import volumes and volatile Brent crude prices due to the West Asia crisis. The average import price rose to $86.5 per barrel from $69.2 in July 2023. This sharp increase widens the trade deficit, pressures the current account, and may influence RBI's monetary policy and inflation outlook. For exams, it highlights energy security, import dependency (over 85%), and the impact of geopolitical shocks on India's macroeconomy.
Source: The Hindu. This summary and analysis are AI-written from that report and are not individually fact-checked — confirm names, dates and figures with the source before you rely on them.
Revision structure
Monthly events and exam calendar context
Static GK and one-liner notes
Quiz and mock-test revision path
Key points
Exam-ready takeaways
Import volumes rose 13% YoY to 19.4 million tonnes in July 2024
Average crude import price increased to $86.5/barrel from $69.2/barrel in July 2023
Brent crude volatility driven by West Asia crisis (Israel-Hamas conflict escalation)
India imports over 85% of its crude oil requirement, making it highly vulnerable to global price shocks
How to study
Turn news into exam marks
Revise monthly events by exam family instead of reading random updates.
Pair one-liners with mock tests so mistakes become the next revision list.
Note which exams each story matters for, and revise it again in the week before that exam.