Archive · 27 Jan 2026
India's 2026 Oil Imports: Russian Resilience and Market Shifts
India is expected to keep buying a lot of oil from Russia in 2026, even though the US is putting pressure on India to stop.
Russian oil is cheaper, so Indian companies like Reliance and Indian Oil are still buying it.
India is also looking for oil from other places like the Middle East and maybe even Venezuela.
The Indian government says they will buy oil from wherever it's cheapest and best for their companies.
They are also building more refineries, so they will need even more oil in the future.
A trade deal with the US could change things, but for now, India is focusing on getting the best deals for their oil needs.
India's oil imports from Russia are expected to remain significant in 2026 despite US pressure and sanctions.
Discounts on Russian oil and increased refining capacity make Russian imports attractive for Indian refiners.
India is diversifying its oil suppliers, looking to the Middle East and potentially Venezuela for additional barrels.
A potential US-India trade deal could influence India's oil import decisions, but no details are available yet.
India's refining capacity is expected to grow to 309.5 million tons by 2030, increasing demand for crude oil.
- Who
- India's refiners, including Reliance Industries, Indian Oil Corporation, Bharat Petroleum Corp, and Nayara Energy Ltd
- What
- India's oil imports, particularly from Russia, are expected to remain significant in 2026 despite US pressure and sanctions
- When
- 2026, with ongoing discussions and potential trade deals
- Where
- Primarily from Russia, with increased purchases from the Middle East and potential exploration of Venezuelan barrels
- Why
- Due to attractive discounts on Russian oil, increased refining capacity, and a desire to maintain diverse supply sources
- Expected Year
- 2026
- Key Refiners
- Reliance Industries, Indian Oil Corporation, Bharat Petroleum Corp, Nayara Energy Ltd
- US West Coast District
- PADD 5
- Expected Maintenance Periods
- April–May and August–September
- EU Sanctions Effective Date
- January 21, 2026
- Russian Urals Discount
- $10 per barrel to dated Brent
- US Tariffs on Indian Goods
- 25%
- Indian Oil Corp Purchase
- 7 million barrels for March loading
- India's Refining Capacity
- 258 million tons (current), 309.5 million tons (2030 forecast)
- India's Crude Suppliers
- 41 (current), 27 (a few years ago)
Sources
US West Coast refinery maintenance, domestic refinery capacity additions to keep India’s product exports stable
Russian Urals oil trades at close to widest discounts since 2022 in India, sources say
US West Coast refinery maintenance, domestic refinery capacity additions to keep India’s product exports stable
US sanctions effect: Iraq gains lost ground as oil exporter to India, fast closing gap with Russia
Russia oil’s unexpected staying power in India extends into 2026
Indian Oil to Raise Brazilian Crude Purchases as Russian Imports Slow
Indian Oil to raise Brazilian crude purchases as Russian imports slow, executive says
Russia oil’s unexpected staying power in India extends into 2026
Why Russian Crude To Remain Unshaken In India Through 2026
Dollar weakness could boost India inflows as rupee steadies: Report
India Growth Outlook Remains Strong, RBI Likely To Hold Repo Rate Steady As Inflation Slowly Normalises
