Oil Imports

Ties between the two countries have remained strong despite pressure from Western sanctions after Russian President Vladimir Putin met with Prime Minister Narendra Modi

A parliamentary committee has flagged India's heavy dependence on crude oil imports and rising geopolitical risks as major challenges for the country, and urged the government to step up diversification of supply sources and strengthen risk management mechanisms. In its report tabled in Parliament last week, the Public Undertaking Committee noted that India imports nearly 89 per cent of its crude oil requirements, making the country vulnerable to global disruptions arising from conflicts, sanctions, civil unrest in oil-producing nations and disruptions in key shipping routes such as the Suez Canal and the Red Sea. Recent events, including the Russia-Ukraine war and tensions in West Asia, have highlighted the fragility of India's energy supply chain. The committee recommended that Ministry of Petroleum and Natural Gas (MoPNG) and state-run oil companies intensify efforts to diversify crude oil sourcing both geographically and contractually, bolster strategic petroleum reserves and ..

Unless wider secondary sanctions are introduced, India is expected to continue sourcing from non-sanctioned Russian suppliers, say experts

This month, India is expected to receive 1.87 million bpd of Russian crude, provisional data from Kpler showed

India saved on crude purchases as global prices fell, even with similar import volumes. The crude bill dropped 13% YoY to $71.2 billion in April-October, helping reduce the overall import bill

Donald Trump backs Senate legislation enabling tariffs of up to 500% on countries trading with Russia, a move that could significantly affect India and China

India, the second biggest buyer of Russian oil, spent as much as 2.5 billion euros on purchases of crude oil from Moscow in October ahead of new sanctions being slapped on Russian entities, a European think tank said. India's spend in October was unchanged from 2.5 billion euro spent on buying Russian oil in September. India remained the second-largest buyer of Russian fossil fuels in October behind China, according to the Centre for Research on Energy and Clean Air (CREA). On October 22, US imposed sanctions on Rosneft and Lukoil, two of the largest oil producers in Russia, to cut off Kremlin's resources for funding Ukraine war. The sanctions have resulted in companies like Reliance Industries, HPCL-Mittal Energy Ltd and Mangalore Refinery and Petrochemicals Ltd halting imports for now. Russia shipped 60 million barrels of crude oil in October, with Rosneft and Lukoil together accounting for 45 million barrels. "India remained the second-largest buyer of Russian fossil fuels, ...

India imported 16 million tonnes of edible oils for nearly Rs 1.61 lakh crore during the 2024-25 marketing year ended October to meet domestic demand, according to industry body SEA. In the 2023-24 marketing year (November-October), India's edible oil imports stood at 15.96 million tonnes worth Rs 1.32 lakh crore, as per the Solvent Extractors' Association of India (SEA) data released on Thursday. The increase in edible oil imports in value terms was 22 per cent because of higher global prices. India imports palm oil from Indonesia and Malaysia while the soyabean oil comes from Argentina and Brazil. "To bridge the gap between supply and demand, India has resorted to imports since 1990s. In the initial period, the import volume was very low. However, in the last 20 years (2004-05 to 2024-25), import volume has increased by 2.2 times while cost of import has gone up nearly 15 times," the association said. In 2024-25, India had to spend nearly Rs 1.61 lakh crore (USD 18.3 billion) in

India's vegetable oil imports were unchanged at 16.3 million tonnes in the 2024-25 marketing year that ended in October, matching the previous year's level, the Solvent Extractors' Association of India (SEA) said on Thursday. The imports included 1.33 million tonnes of edible oils and 4,625 tonnes of non-edible oils in October, down 9 per cent from 1.46 million tonnes a year earlier, the industry body said. Soybean oil imports hit a record 5.47 million tonnes in 2024-25, surpassing the previous high of 4.23 million tonnes set in 2015-16, SEA said. Palm oil imports fell sharply to 7.58 million tonnes from 9.02 million tonnes a year earlier, while soft oil imports jumped to 8.43 million tonnes from 6.95 million tonnes, driven by higher soybean oil purchases. Palm oil's share of total imports dropped to 47 per cent from 56 per cent, while soft oils' share rose to 53 per cent from 44 per cent, the data showed. The government in May widened the import duty gap between crude and refined

India's crude oil imports from the US rose to the highest level in October since March 2021 as refiners bought 593 thousand bpd of crude oil from Washington

State-owned giants such as Sinopec and PetroChina Co. are staying on the sidelines, having canceled some Russian cargoes in the wake of US sanctions on Rosneft PJSC and Lukoil PJSC last month

Imports of oil from Russia at discounted prices meet about 35 per cent of India's crude oil requirements

Reliance, which operates the world's largest refining complex at Jamnagar in Gujarat, has a long-term deal to buy nearly 500,000 bpd of crude oil from Russian major Rosneft

Earlier this week, Trump claimed that PM Modi assured him that India would stop buying oil from Russia, a move he described as "a big step" in Washington's efforts to isolate Moscow

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

Amid global oversupply, the US is emerging as a cost-competitive oil supplier to India, challenging Saudi Arabia and other Gulf producers even as Russian barrels dominate

Alipov's comments came shortly after the remarks by MEA spokesperson Randhir Jaiswal, who emphasised that India's energy policies are shaped entirely by the need to protect consumer interests

The MEA's comment came after US President Donald Trump claimed that Prime Minister Narendra Modi has assured him that India will stop buying oil from Russia

September's volume was flat versus August at 1.6 million bpd, down 14.2 per cent from the same month a year ago, the data showed

Discounts on Urals crude loading in November are $2-to-$2.50 a barrel to Dated Brent, making it attractive