India Oil Imports

Parl Panel urges diversification of crude sources to cut geopolitical risks

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 ..

India free to buy oil from sources it considers beneficial: Russia

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

Need to diversify India-Russia trade and make it more balanced: Goyal

According to government data, the total trade between India and Russia grew from $8.73 billion in FY22 to $68.7 billion in FY25, mainly due to New Delhi's oil purchases

Russia expects India's reduced oil imports to recover soon despite US curbs

Kremlin spokesperson Dmitry Peskov said Russia remains an important supplier of energy to India and called for the set-up of trade mechanisms that cannot be affected by third countries

India tops Russian oil imports via 30 false-flagged tankers: Think tank

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

Indian banks consider financing Russian oil from non-sanctioned sellers

India's oil-buying patterns are in the spotlight as Washington raises the pressure against Moscow over the war in Ukraine, while at the same time promoting talks aimed at ending the conflict

India's Russian oil imports set to fall to three-year low in December

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

US sanctions Indian nationals, companies for role in Iran's oil shipments

The US has sanctioned several Indian nationals and companies for helping Iran sell petroleum products, saying the funds support terrorist groups and threaten American interests

India's palm oil imports to rebound from 5-yr low on competitive prices

The increase in purchases by the world's largest buyer is likely to reduce stocks in key producing countries such as Indonesia and Malaysia and lend support to benchmark Malaysian palm oil futures

AI shifts from support role to core strategy, industries speed up adoption

US sanctions on Rosneft and Lukoil, along with the EU's ban on refined products derived from Russian crude, are unlikely to materially dent the margins or credit profiles of India's state-run oil marketing companies, Fitch Ratings said. The ratings agency warned, however, that the eventual impact will hinge on how long the sanctions last and how strictly they are enforced. Russian crude made up about a third of India's oil imports between January and August 2025, and its discounted rates have been a key boost to OMC profitability. Fitch expects the companies to adhere to sanctions, though some refiners may continue sourcing unsanctioned Russian barrels. Traditionally reliant on Middle Eastern oil, India significantly increased its imports from Russia following the February 2022 Ukraine invasion. Western sanctions and reduced European demand made Russian oil available at steep discounts. As a result, India's Russian crude imports surged from under 1 per cent to nearly 40 per cent of

Trump backs 500% tariffs on Russia trade partners: What it means for India

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's oil PSUs ink landmark US LPG deal covering 10% of 2026 imports

India has signed its first structured deal to buy 2.2 million tonnes of LPG from the US in 2026, a move the government says will boost supply security

India spent 2.5 bn euros on Russian oil in Oct ahead of sanctions: Report

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 cuts Russian crude oil buys for December amid Trump tariffs

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

Oil tanker with cargo from curb-hit Rosneft idles off Mumbai coast

The oil market has zeroed in on Russia's export patterns, as well as Indian purchasing, after the US sanctioned Rosneft and Lukoil PJSC on October 22

Indian refiners set the stage for lower Russia crude oil purchase

Indian processors, the top buyers of seaborne oil from Moscow, have been weighing up their options since US authorities blacklisted two of Russia's largest producers, Rosneft PJSC and Lukoil PJSC

India's HPCL-Mittal Energy stops buying Russian crude oil amid sanctions

Last week, the US and Europe imposed a raft of fresh sanctions on Russian oil, with Washington targetting the country's top oil producers Lukoil and Rosneft

Indian firms won't buy Rosneft or Lukoil crude via traders, says report

It is difficult to predict when Indian companies will place new orders for Russian oil, added the source, who declined to be named due to the sensitivity of the matter

India boosts US crude oil imports to 540,000 bpd, highest since 2022

India's record US crude imports come amid efforts to diversify away from Russian oil and manage trade frictions with Washington

Russian oil import: Indian Oil says will abide by all applicable sanctions

Indian Oil Corporation (IOC), the nation's biggest oil company, will comply with all applicable sanctions, Chairman Arvinder Singh Sahney said on Monday, steering clear of remarks on purchases from Russia. Indian refiners are likely to scale back on the import of Russian oil to avoid secondary sanctions on shipping and banking after the US imposed fresh sanctions with a view to curbing Moscow's earnings from oil sales. "We will abide by all sanctions imposed by the international community," he said. He, however, refused to comment on the IOC's purchases of Russian oil. Russian oil made up for 21 per cent of the crude oil IOC imports during April-September. IOC's subsidiary Chennai Petroleum Corporation Ltd (CPCL) has halved Russian oil imports this month, coinciding with the fresh sanctions the US imposed on Russian oil. US President Donald Trump, late October 22, imposed sanctions on Russia's Rosneft and Lukoil, in a bid to pressure Moscow into ending its war on Ukraine. A day l