Archive · 29 Jan 2026
India Diversifies Crude Oil Imports
India is buying crude oil from more countries now.
In the first part of the financial year 2025-26, they bought more oil from the US, UAE, Nigeria, Libya, Egypt, Brazil, and Brunei.
They bought less from Russia, Saudi Arabia, Iraq, and Venezuela.
This change is because of higher tariffs and sanctions on Russian oil.
India's main imports are still petroleum crude, gold, and petroleum products.
The World Bank says global commodity prices might go down by 7% next year, but geopolitical issues could change that.
India diversified its crude oil imports in FY26, increasing purchases from the US, UAE, Nigeria, Libya, Egypt, Brazil, and Brunei.
Imports from Russia, Saudi Arabia, Iraq, and Venezuela declined due to geopolitical developments and sanctions.
The share of crude oil imports from the US rose to 8.1% from 4.6%, and the UAE's share increased to 11.1% from 9.4%.
Petroleum crude, gold, and petroleum products continued to dominate India's import composition, accounting for over one-third of total imports.
The World Bank projects a 7% decline in global commodity prices in FY27, primarily driven by subdued crude oil prices.
- Who
- India, US, UAE, Nigeria, Libya, Egypt, Brazil, Brunei, Russia, Saudi Arabia, Iraq, Venezuela
- What
- Diversification of India's crude oil import sources
- When
- FY26 (April–November 2025)
- Where
- India, Global crude oil markets
- Why
- To reduce reliance on traditional suppliers and adapt to geopolitical developments
- Key Import Sources
- US, UAE, Nigeria, Libya, Egypt, Brazil, Brunei
- Decreased Imports
- Russia, Saudi Arabia, Iraq, Venezuela
- US Share Increase
- 8.1% (April–November 2025) from 4.6% (FY25)
- UAE Share Increase
- 11.1% (April–November 2025) from 9.4% (FY25)
- Egypt Share Increase
- 1.4% (April–November 2025) from 0.3% (FY25)
- Nigeria Share Increase
- 3.3% (April–November 2025) from 2.2% (FY25)
- Libya Share Increase
- 0.5% (April–November 2025) from 0.1% (FY25)
- Petroleum Crude Import Growth
- 2.7% year-on-year (FY26)
- Projected Global Commodity Prices
- Expected to decline by 7% in FY27
Sources
With more term LNG kicking in from 2026, India turns benchmark-driven buyer
India emerges as a price-sensitive swing buyer in global LNG
PM Modi engages global energy CEOs, pitches India as key energy hub
‘We must invest’, says IOC Chairman highlighting strategic investment and global partnerships for India's energy sector
