Oil Imports

India's crude oil imports surged to a record high of about 5.6 million barrels per day in October, with refiners stepping up purchases from the Middle East and Russia despite ongoing geopolitical tensions, according to data from energy intelligence firm Kpler. Middle Eastern supplies accounted for about 2.3 million barrels per day, and Russian crude flows remained strong at around 2 million bpd, Kpler lead analyst Nikhil Dubey said in a post. Higher ship-to-ship transfers helped move more crude through the Strait of Hormuz, supporting a recovery in Gulf supplies during September and October and giving Indian refiners greater flexibility in sourcing. Russian shipments could moderate in November and December as attacks in the Black Sea push up freight rates, making those barrels less competitive on a landed-cost basis. At the same time, Gulf suppliers are offering competitive delivered prices to regain market share in India, Dubey said. However, any renewed disruption to flows throug

Freight rates have dropped now compared to September, offering some relief to Indian refiners, but they still constitute a quarter of the cargo cost compared to less than 5 percent prior to the war

At the Business Standard BFSI Insight Summit 2026, RBI Deputy Governor Poonam Gupta said India's dependence on imported oil remains a challenge, despite the economy's resilience to global shocks

India's imports of West Asian crude oil surged in September, returning to pre-war levels, while its ‌refiners cut back purchases ​of Russian oil amid ‌stiff competition from China

India's West Asia crude imports rose to 2.8 mn barrels per day in September, accounting for 54% of purchases, while Russian oil imports fell 14% month-on-month to 1.8 million bpd, ship data showed

Indian refiners traditionally relied on ‌the West Asia for more than half of their annual crude supplies, particularly heavier, high-sulphur grades, because of the region's proximity

Refiners say high freight costs, longer voyages and limited supplies of medium sour crude make US barrels less attractive than West Asian and Russian alternatives

US President Donald Trump said Russia had agreed to immediately supply more than 300,000 tonnes of diesel to the US and global markets after a discussion with Russian President Vladimir Putin

Venezuelan crude deliveries to India are expected to more than double to about 465,000 barrels a day this month, from 196,000 in September, according to Kpler estimate

Refiners are shifting from relying on Gulf producers and traders to transport crude through Hormuz, seeking to reduce the premium paid for cost-and-freight shipments

India may face higher crude costs and tighter supply as refiners look for alternatives to Russian barrels amid US tariff pressure and rising fuel demand

India spent $24.4 billion more on crude in April-August despite a 0.4% fall in import volumes as prices rose in international markets amid supply concerns due to the West Asia conflict

The legislation gives President Donald Trump discretion to impose tariffs of up to 100 per cent on major buyers of Russian energy, including India, but does not trigger them automatically

US lawmakers' push to name India in a Russia sanctions bill puts its Russian oil purchases back in focus. Here's how the trade has changed since Moscow's invasion of Ukraine

US oil continues to backstop the supply gaps left by the war

Rising crude prices are squeezing fuel marketing margins and could widen India's oil import bill, while attacks in West Asia raise concerns over supplies through the Strait of Hormuz

Russian crude oil supplies to India, which set records in June and July at nearly 55 per cent of the country's total imports and bailed out Indian refiners, are under threat while West Asian supplies

Donald Trump's Operation Economic Outcast could hit India through higher oil prices, trade disruptions, payment hurdles and possible US action over New Delhi's purchases of Russian energy

Crude import volumes rose 13 per cent to 21.4 million tonnes in July, while the Indian basket price averaged $82.04 a barrel amid supply disruptions in West Asia

Delivered cost of Venezuela's Merey grade surges to $95 bbl, while Russian grade has flipped from a discount to a premium over Dated Brent