Oil Imports

India imported 4.93 million barrels per day (bpd) of crude oil in June, the highest volume for the month on record, despite geopolitical tensions in West Asia, according to data and analysis from energy intelligence firm Kpler. Russian crude imports rose to around 2.6 million bpd during the month, reinforcing Russia's position as India's largest oil supplier, Kpler analyst Sumit Ritolia said. Russian supplies made up for more than half of the country's overall imports in June, up from 36.5 per cent in May when it had imported 2.13 million bpd from Moscow, according to Kpler data. Russia has been India's largest crude supplier since 2022-23, as Indian refiners increased purchases of discounted Russian oil after many European buyers reduced imports following Moscow's invasion of Ukraine. The record import volumes underscore India's ability to maintain crude supplies through diversified sourcing even as conflict in West Asia raised concerns over global energy shipments and briefly pus

Iran's central bank said oil export payments are not limited to the US dollar, highlighting greater flexibility as negotiations with Washington move forward

India's crude oil imports from Russia surged in June, while shipments from the United Arab Emirates were near-record levels as refiners sought to secure supplies ahead of the full restoration of flows from Gulf producers following the reopening of the Strait of Hormuz, analysts said. India imported an average of 2.66 million barrels per day of crude oil from Russia in June, through June 19, compared to 1.91 million bpd in May, data from maritime and commodity intelligence firm Kpler showed, cementing Moscow's position as the country's largest oil supplier. Imports from the United Arab Emirates stood at 6,36,000 barrels per day (bpd) in June, through June 19, marginally below the record 6,44,000 bpd imported in May, while Venezuela emerged as India's fourth-largest crude supplier with shipments of 2,09,000 bpd, behind Saudi Arabia's 384,000 bpd. Imports from the United States fell sharply to 91,000 bpd from 2,52,000 bpd in May, according to Kpler data. The purchases underscore India

State refiners have already secured sufficient crude for the next two months and are evaluating long-term supply commitments from West Asian producers

The US-Iran agreement has eased oil market fears, but experts warn it could take months for Strait of Hormuz shipping to fully normalise

A reopening or normalization of shipping through the Strait of Hormuz would provide significant relief for India, one of the world's largest crude importers, by easing concerns over oil supplies, lowering freight costs and reducing pressure on inflation. The narrow waterway between Iran and Oman handles roughly a fifth of global oil consumption and serves as the primary export route for major Gulf producers, including Saudi Arabia, Iraq, Kuwait, the United Arab Emirates and Qatar - all key energy suppliers to India. Supply of crude oil - the raw material for making fuels like petrol and diesel - and natural gas - the feedstock used to generate electricity, produce fertiliser, turned into CNG to run automobiles and piped to household kitchens for cooking - through the strait was disrupted since the start of Iran in the end of February. This triggered sharp increases in crude oil prices, shipping insurance premiums and freight rates. Industry sources and analysts said the reopening an

High oil and gasoline prices and energy supply problems won't be solved overnight, despite an agreement to end the Iran war and open the Strait of Hormuz announced Sunday. It will likely take months before energy companies can resume operations to the point of meeting the world's demand, according to energy experts. The slow pace of the process of shipping and refining crude oil, and doubts about the security of traveling through the strait mean the effect won't be seen immediately, they said. Ships loaded with crude oil have been stranded in the Persian Gulf for more than three months, unable to safely travel through the waterway, through which about a fifth of the world's oil and gasoline supplies typically traveled before the war began. "It's going to take time for people to feel comfortable and for insurance to be in place ... particularly to get people on the ground to restart some of these assets," said Daniel Evans, global head of fuels and refining research at S&P Global ..

Venezuela's return as a top crude supplier highlights how oil alone has shaped India-Venezuela trade, from a $14-billion peak to near-collapse and revival

India's edible oil imports rose 6.7 per cent in May to nearly 13.39 lakh tonnes mainly due to increase in shipments of crude soyabean oil, according to industry body SEA. Solvent Extractors' Association of India (SEA) on Friday released the May import data for vegetable oils, which comprises edible and non-edible oils. As per the data, edible oils imports increased to 1,338,936 tonnes in May this year from 1,254,883 tonnes in the same month last year. This was driven by imports of crude soyabean oil, which rose to 4,93,854 tonnes from 3,98,585 tonnes during the period under review. Inward shipments of non-edible oils jumped over twofold to 26,202 tonnes last month from 12,040 tonnes in May 2025. As a result, India's imports of vegetable oils (edible and non-edible) during May 2026 increased 8 per cent to 13.65 lakh tonnes as compared with 12.67 lakh tonnes in May 2025, the association said. During the first seven months of the 2025-26 oil year, SEA said the total vegetable oil imp

In April and May, Indian refiners raised imports from Venezuela, Brazil, Angola and Nigeria to make up the shortfall, as well as continuing to buy Russian oil

From fuel hikes to a record RBI dividend, the week ending May 24 showed how global oil, imports, heatwaves and policy buffers are shaping India's macro outlook

Reducing oil import dependence requires India to also curb its demand for oil

India wants to continue importing energy from its traditional West Asia oil producers because supplies from alternate sources would take a longer time to reach the country

India's edible oil imports rose 3 per cent to 166.51 lakh tonnes in the 2025-26 fiscal year, driven largely by a sharp jump in duty-free imports from Nepal, industry body Solvent Extractors' Association of India (SEA) said on Tuesday. Imports had stood at 161.82 lakh tonnes in the prior fiscal year. Nepal, which enjoys zero-duty access to Indian markets under the South Asian Free Trade Area (SAFTA) agreement, exported 7.36 lakh tonnes of edible oils to India during the year, more than double the 3.45 lakh tonnes shipped in the previous fiscal, a rise of 113 per cent. Refined soybean oil made up the bulk of Nepal's exports to India, with smaller volumes of sunflower oil, RBD Palmolein and rapeseed oil also traded. "The surge in duty-free imports of refined oils from Nepal substantially contributed to the increase in India's total edible oil imports during the year," SEA said in a statement. The association said that without the SAFTA arrangement, overall imports would likely have .

India is in a far healthier position from an economic perspective than it was during the taper tantrum period

India's vegetable oil imports rose 13 per cent to 7.94 million tonnes in the first six months of the 2025-26 oil year, driven by a sharp surge in palm oil shipments, industry body the Solvent Extractors Association of India (SEA) said on Wednesday. The world's largest cooking oil consumer imported 7.04 million tonnes in the same period a year earlier. India's oil year runs from November to October. In value terms, imports for the November-April period climbed 19 per cent to Rs 87,000 crore up from Rs 73,000 crore a year-ago. Of the total imports, edible oils accounted for 7.82 million tonnes and non-edible oils for 121,000 tonnes, SEA said in a statement. Palm oil imports nearly doubled to 3.97 million tonnes from 2.74 million tonnes a year earlier, while soft oil shipments, which include soybean and sunflower oils, fell to 3.85 million tonnes from 4.13 million tonnes. Indonesia and Malaysia are the primary suppliers of palm oil to India. Argentina is the largest supplier of soy

India is shielding consumers from rising global oil prices, but OMC losses are surging. How long can fuel prices stay frozen before fiscal pressure forces tough decisions?

Imports from Russia nearly doubled from February to 2.25 million bpd in March while shipments from the West Asia slumped 61 per cent to 1.18 million bpd

India is relying on Russian oil to meet most of its demand using a temporary waiver as the US-Israeli war on Iran keeps the Strait of Hormuz effectively closed

More than 500 million barrels of crude and condensate have already been knocked out of the global market