India's Crude Imports Up 10% In Apr-Oct Amid Tariff Cloud; US Share Rises, Russia Trims

India's petroleum crude imports grew by 10.3% year-on-year to 1.15 billion barrels in April-October of this financial year, according to an analysis of data shared by the commerce ministry. This was on the back of strong economic activity and softer crude prices.

India, in the same period last year, had imported 1.04 billion barrels of crude.

According to the data, on a daily basis, India imported 5.36 million barrels per day (bpd) in the first seven months, up from 4.87 million bpd a year earlier. The average import cost fell sharply to $72.19 per barrel, compared with $83.16 last year.

The value of crude imports fell 4.3% year-on-year to $82.9 billion, driven by lower prices. This came despite higher volumes in the first seven months of this financial year. Analysts expect this trend to continue through the rest of the financial year, supported by healthy global supply and moderate demand.

Russia, Iraq, Saudi Arabia, the UAE, and the US, which are the top five crude suppliers, accounted for 83.6% of India's total crude imports in the ongoing financial year, a slight decrease from 83.7% compared to last year.

Russian Crude's Market Share Trimmed

While Russia remained India's largest crude oil supplier, the market share reduced as refiners diversified purchases to avoid tightening US and EU sanctions on Russian barrels. In the first seven months, Russia had a market share of 33.4%, lower than the 38.7% in the same period last year.

Moscow shipped 1.69 million barrels of crude in October, having a market share of 32.2%.

Notably, India is facing 25% punitive tariffs from the US for its purchase of Russian oil, in addition to 25% so-called reciprocal tariffs. This takes the cumulative levy on Indian imports to 50%.

Iraq retained the second spot with a 19% market share, exporting 1.02 million bpd, though the value of its crude shipments declined due to lower prices.

Saudi Arabia's share increased to 13.4%, with supplies rising to 716,190 bpd in April-October. The UAE boosted its market share to nearly 11% in the first seven months of fiscal 2026 from 8.6% a year ago.

US Emerged As Fastest-Growing Supplier

The US emerged as the fastest-growing supplier, raising its market share to 6.9% from 4.2% last year, according to the analysis. Shipments nearly doubled to 371,727 bpd as Indian refiners stepped up purchases to narrow the bilateral trade gap and support ongoing trade negotiations.

Other major crude suppliers to India included Kuwait, Nigeria, Oman, Qatar, Egypt, Colombia, and Brazil. The most expensive crude in the current financial year came from Algeria, costing $96.23 per barrel, slightly down from $97.05 in the corresponding period.

India also bought crude from Venezuela in 2024, driven by its significantly lower cost. Venezuelan crude was the cheapest among the top 20 exporters, with a per-barrel price of $54.15.