India's crude oil bill down 15% in H1; Russia imports up in October

Overall imports dip to $60.7 bn from $71.2 bn last year

Owing to lower international rates, India’s crude oil import bill dropped 14.7 per cent year-on-year (Y-o-Y) to $60.7 billion in the first half (April-September) of 2025-26 (H1FY26). The country’s crude oil import bill stood at $71.2 billion in H1FY25, according to data from Petroleum Planning and Analysis Cell (PPAC).

 

Lower crude oil import bill is on account of falling prices this year due to oversupply in the market as the Organisation of Petroleum Exporting Countries and allies (Opec+) has been increasing supplies. The Indian basket crude price averaged $69.61 per barrel (bbl) during September, as against $73.69/bbl last year.

 

India’s oil bill for H1FY26 declined even though import volumes stayed largely unchanged. The country’s crude oil imports increased marginally to 121.2 million tonne (mt) in the six months ended September 2025, compared to 120.7 mt in the same period last year. India was dependent on crude oil imports for 88.4 per cent of its domestic requirements during April-September.

 

India’s liquefied natural gas (LNG) import bill also dropped 10.5 per cent Y-o-Y to $6.8 billion in H1FY26. Unlike crude oil, dip in gas bill was primarily due to lower domestic demand as natural gas consumption fell to 34,265 million standard cubic metres (mscm) in the period.

 

Russian oil imports rebound in Oct

 

After a three-month slowdown, India's oil imports (already landed) from Russia bounced back in the first 15 days of October to 1.8 million barrels per day (bpd), showed data sourced from maritime intelligence firm Kpler. Defying pressure from the West, Indian refiners maintain robust sourcing of crude oil from Russia due to attractive pricing.

 

India’s import of Russian oil had marginally slumped in the last three months — 1.59 million bpd in July, 1.68 million bpd in August, and 1.54 million bpd in September.

 

“Russian barrels remain deeply embedded in India’s energy system — economically attractive, contractually entrenched, and strategically aligned with New Delhi’s energy security priorities. With October imports tracking around 1.8 million bpd, there is no visible sign of a reduction or policy shift,” said Sumit Ritolia, lead research analyst-refining & modelling, Kpler.

 

Oil supplies from the US have witnessed a major uptick. India imported 655 thousand bpd (kbpd) of crude oil from the US in October, as against 207 kbpd in the previous month. Supplies from traditional suppliers Iraq and Saudi Arabia stood at 965 kbpd and 841 kbpd, respectively, in October, showed Kpler data.

 

The Indian government on October 16 denied US President Donald Trump’s claim of New Delhi agreeing to halt Russian oil supplies.