UPSC Exam  >  UPSC Questions  >   Consider the following statements.1. India i... Start Learning for Free
Consider the following statements.
1. India is the world's largest crude oil importer.
2. At present, OPEC countries meet 90% of India's crude oil demand.
Which of the above statements is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
Consider the following statements.1. India is the world's largest cru...
India is the world's third-largest crude oil importer.
OPEC meets 78% of India's crude oil demand, 59% of its LPG needs, and nearly 38% of LNG consumption.
Traditionally, OPEC nations offer bigger discounts on crude oil sold to western economies than eastbound cargoes.
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Most Upvoted Answer
Consider the following statements.1. India is the world's largest cru...
Explanation:

Statement 1: India is the world's largest crude oil importer.
This statement is incorrect. As of 2021, the world's largest crude oil importer is China. India stands at the second position in terms of crude oil imports.

Statement 2: At present, OPEC countries meet 90% of India's crude oil demand.
This statement is incorrect. The Organization of Petroleum Exporting Countries (OPEC) is a group of oil-producing countries. While OPEC countries play a significant role in meeting India's crude oil demand, they do not account for 90% of it. The share of OPEC countries in India's crude oil imports has declined over the years. Currently, it is estimated that OPEC countries meet around 80% of India's crude oil demand.

Conclusion:
Neither Statement 1 nor Statement 2 is correct. India is not the world's largest crude oil importer, and OPEC countries do not meet 90% of India's crude oil demand.
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Consider the following statements.1. India is the world's largest crude oil importer.2. At present, OPEC countries meet 90% of India's crude oil demand.Which of the above statements is/are correct?a) 1 onlyb) 2 onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?
Question Description
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