India has diversified its sourcing of crude oil in the current financial year, with a notable increase in the number of countries from which it imports crude, even as supplies from some traditional and recent top suppliers have declined, according to the Economic Survey 2025-26.
The Survey said that in FY26 (April–November), crude oil imports from Libya, Egypt, Brazil, the United States and Brunei increased significantly compared to the same period in FY25, while imports from Russia, Saudi Arabia, Iraq and Venezuela declined.
“Although imports from other countries account for a significant portion of India’s crude oil imports, the shares of the US, Egypt, UAE, Nigeria and Libya have increased,” the Survey said.
Growing Import Shares
Between April and November 2025, the share of crude oil imports from the US rose to 8.1 per cent from 4.6 per cent in the same period of FY25, while the UAE’s share increased to 11.1 per cent from 9.4 per cent.
Egypt’s share increased to 1.4 per cent from 0.3 per cent, Nigeria’s share rose to 3.3 per cent from 2.2 per cent, and Libya’s share increased to 0.5 per cent from 0.1 per cent, as per Survey data.
The decline in imports from Russia, which had emerged as India’s top crude oil supplier, comes amid heightened geopolitical developments, including the US announcement of high tariffs on countries purchasing Russian oil and sanctions on major Russian oil producers.
Dominant Import Categories
The Survey noted that India’s import composition in FY25 continued to be dominated by petroleum crude, gold and petroleum products, with these categories accounting for over one-third of total imports.
Imports of petroleum crude increased marginally by 2.7 per cent year-on-year during the current financial year amid softer crude oil prices, reflecting stable domestic energy demand.
Looking ahead, the Survey cited the World Bank’s Commodity Prices Outlook, October 2025, which projects that global commodity prices are expected to decline by around 7 per cent in FY27, “primarily driven by subdued crude oil prices amid oversupply.” However, it added that “geopolitics may come in the way of this prediction.”