INDIA’s crude oil import patterns have witnessed a notable shift in the financial year 2024–25, with the share of oil purchased from OPEC nations falling to an all-time low.
This change comes as Indian refiners continue to rely heavily on discounted oil from Russia, which retained its position as India’s top supplier for the third consecutive year.
According to trade and industry data, India — the world’s third-largest importer and consumer of crude oil — imported an average of 4.88 million barrels per day (bpd) during the fiscal year ending March 2025. This represents a 5 per cent increase compared to the previous year.
Of this, Russian oil imports rose by 7.3 per cent to 1.76 million bpd, accounting for around 36 per cent of India’s overall crude intake.
In contrast, OPEC’s share dropped marginally to 48.5 per cent, marking the lowest level recorded to date. Russia’s continued dominance has come at the expense of key Middle Eastern OPEC producers such as Iraq and Saudi Arabia.
India has turned to Russian crude due to its lower cost, especially since Western countries imposed sanctions on Moscow following the war in Ukraine.
These sanctions disrupted traditional trade routes and allowed Indian refiners to access Russian oil at discounted rates, making it more attractive than alternatives from the Gulf.
The decline in oil purchases from Iraq and Saudi Arabia was particularly steep. Imports from Saudi Arabia fell to their lowest point in 14 years, while those from Iraq reached a four-year low.
This was largely due to higher official selling prices set by Saudi Aramco for the majority of the year, which discouraged Indian refiners from making bulk purchases.
As a result, the overall share of crude sourced from the Middle East in India’s import basket declined notably. The shift also illustrates India’s growing strategy to diversify its energy sources by tapping into distant suppliers like Russia, rather than relying solely on traditional Gulf allies.
In March 2025 alone, India imported 1.7 million bpd of Russian oil, marking an 11 per cent rise from February and the highest monthly volume in five months. Total oil imports for the month stood at 5.3 million bpd, a 1.3 per cent increase from the previous month.
Meanwhile, the United States emerged as the fourth-largest supplier of crude oil to India in March, as Indian refiners expanded sourcing beyond traditional partners to ensure energy security and cost efficiency.
