PPAC · Ministry of Petroleum · DGCI&S · RBI · 2004–2026
22 years of India's crude oil import data — tracking volume, value, dependency ratio, and source diversification as India became the world's third-largest oil importer. Covers the Iraq War era, the 2014 price crash, COVID collapse, and the Russia-Ukraine shift.
Volume FY2004
99.7 MMT
Baseline yearVolume FY2026
232.5 MMT
+133% growthValue FY2026
$132 Bn
PPAC est.Peak Import Bill
$144.3 Bn
FY2013 · High BrentImport Dependency
~87%
Of crude demandRussia Share FY2026
~36%
From ~2% in FY2021India Crude Oil Imports · FY2004–FY2026
Annual crude oil import data · PPAC / MoPNG / DGCI&S
Oil as % of Total Import Bill
Crude oil's share of India's total merchandise imports · Forex burden indicator
Brent Crude Price vs Import Bill
Annual average Brent price ($/bbl) — shows price-driven volatility
Russia's Rise: The Big Shift
After Ukraine war sanctions in Feb 2022, India ramped Russian crude from ~2% (FY2021) to ~36% of imports by FY2026, saving an estimated $10–15 Bn/yr via discounted Urals pricing. Iraq and Saudi Arabia lost share.
Middle East Still Dominant
Combined Iraq, Saudi Arabia, UAE, Kuwait and Iran supply ~45% of India's crude. Middle East reliance fell from ~70% (FY2010) to ~50% (FY2026) partly due to Russia's entry and Africa/Americas diversification.
US Crude: New Entrant
Post-2017 US shale revolution opened WTI exports. India began importing US crude in FY2018 and now sources ~4–5% from the USA — growing as India hedges against Middle East concentration risk.
Source Country Mix · FY2026
Share of total crude imports by country
Russia Share: Historic Shift (FY2018–FY2026)
Russia's rapidly growing proportion vs traditional Middle East suppliers
Source Country Mix · FY2004–FY2026 (Stacked %)
How import sources have shifted over 22 years — Russia's meteoric rise vs Middle East share compression