India Crude Oil

India holds about 100 million barrels of commercial crude oil stocks - in storage tanks, underground strategic reserves and on ships voyaging towards the country - which could cover roughly 40-45 days of its requirement if flows through the Strait of Hormuz are disrupted, according to Kpler. India imports about 88 per cent of the crude oil it needs - the raw material for fuels such as petrol and diesel - with more than 50 per cent supplied by Middle Eastern countries and transiting the narrow Strait of Hormuz, flows from which have been disrupted amid the Iran crisis. If Middle Eastern crude supply were to halt completely for a temporary period, the immediate impact would be logistical and price-driven, with supply risks intensifying if movement through the Strait of Hormuz is disrupted for longer, said Sumit Ritolia, Lead Research Analyst, Refining & Modeling at Kpler. A closure of Strait of Hormuz would at first impact prompt cargo liftings. "However, refiners typically maintain

Both ​China and India, Asia's top energy consumers, source around half of their crude imports from the West Asia, but India has far less oil in storage than its neighbor

New ‌Delhi has not officially announced plans to halt Russian oil imports

The MEA said India is open to sourcing crude from Venezuela and other countries based on commercial viability, adding that energy security for 1.4 billion people remains its top priority

Indian refiners have been redrawing crude import strategies in recent ​months to shift away from top supplier Russia and boost imports from the Middle East

Indian companies have already booked cargoes loading in February and arriving in March, so a wind-down period would be needed to fulfil existing commitments

India became a major buyer of Russian oil after Russia's invasion of Ukraine in 2022 triggered Western sanctions that drove down its price

The US effort to supply Venezuelan crude to India comes as Washington also seeks to reduce Russian oil revenues that are funding the war in Ukraine

In order to avoid tracking, many of these ships turn off their automatic identification system, disappearing from standard maritime monitoring

India's Russian crude imports fell sharply in December as refiners grew cautious amid tighter US and EU sanctions, even as discounts widened and supplies stayed available

India, a sovereign nation, is free to buy oil from sources it considers beneficial, the Kremlin said on Monday, while expressing confidence that New Delhi will stick to the policy of ensuring its economic interests. On August 6, the US imposed additional 25 per cent tariffs on India for its purchase of oil and petroleum products from Russia. At the end of August, US tariffs on imports of Indian goods and services were increased to 50 per cent. "India, being and remaining a sovereign nation, carries out foreign trade operations and purchases energy resources where it is beneficial for itself," the Kremlin spokesman, Dmitry Peskov, told reporters in the wake of last Friday's Summit talks between President Vladimir Putin and Prime Minister Narendra Modi in New Delhi. Speaking after his talks with Prime Minister Modi, the Russian leader assured that Moscow will remain India's reliable energy supplier. "And, as far as we understand, our Indian partners will continue this line to ensure

European think tank CREA has claimed that these shipments made India the largest national destination for crude moved by Russia's growing 'shadow fleet'

India's reduced Russian oil orders come after the US raised tariffs on Indian imports to 50% and imposed sanctions on Russian oil giants Rosneft and Lukoil

On a yearly basis, crude oil imports rose 6.1%, from 18.79 million tons in September 2024, data from the Petroleum Planning and Analysis Cell shows

India's state oil companies plan to import up to three large US LPG cargoes per month in 2026, marking the country's first long-term US supply deal

India is guided solely by economics when sourcing oil and LNG rather than geopolitics, and the government does not interfere in decisions by state-oil companies, September data shows

A sanctioned Russian oil ship headed for Adani's Mundra port has changed course to Vadinar after the group barred blacklisted vessels, putting India's crude imports under fresh scrutiny

India became a major importer of Russian crude after the start of the war in Ukraine in 2022, but the South Asian nation was recently slapped with crushing US tariffs for the trade

MEA defends India's oil purchase policy as US President Donald Trump accuses India of 'financing' Russia's war, escalates tariff threats and stalls trade talks

Indian Oil Corporation had a term deal with Russia, which expired in March 2023 and has not been renewed since