Share of US crude in India’s imports rises to 8.1% in April–November

New Delhi: The share of the US in India's crude oil imports rose sharply to 8.1% during April-November of the current fiscal year, from 4.6% in the previous year, even as imports from larger suppliers Russia, Saudi Arabia and Iraq declined, according to the Economic Survey.

Share of the UAE increased during the period, rising to 11.1% from 9.4%. Supplies from smaller producers such as Nigeria, Libya, Egypt, Brazil and Brunei also increased. Nigeria's share rose to 3.3% from 2.2%, Egypt's to 1.4% from 0.3% and Libya's to 0.5% from 0.1%, the survey showed. Supplies from Venezuela declined.

The survey did not provide actual import volumes for individual supplying countries, nor did it detail the shares of all major suppliers. Imports from Russia, India's top crude supplier, have moderated in recent months following US sanctions on Russian exports. Iraq has been India's second-largest supplier for about three years, prior to which it was the top supplier, while Saudi Arabia ranks third.


India has been seeking to increase energy purchases from the US to help rebalance bilateral trade, even as refiners work to diversify crude sourcing to mitigate supply risks. However, commercial considerations remain the decisive factor in crude procurement. Discounts have helped Russian barrels retain the largest share of India's crude imports despite a recent moderation in volumes.