India significantly increased its imports of crude oil from countries such as the United States, Brazil, Libya, Egypt, Nigeria and Brunei in FY26 (April-December) compared to the same period of FY25, according to the economic survey tabled in Parliament ahead of Union Budget. The document also mentions that crude oil imports from Russia, Saudi Arabia, Iraq and Venezuela have declined.
In August 2025, US President Donald Trump doubled tariffs on Indian imports to 50 percent due to New Delhi’s purchase of Russian oil and energy products.
The share of crude oil imports from the United States increased from 4.6 percent in April-December of FY25 to 8.1 percent in the same period of FY26. The UAE’s share increased from 9.4 percent to 11.1 percent, while that of Egypt increased from 0.3 percent to 1.4 percent.
Nigeria’s share increased from 2.2 percent to 3.3 percent, and Libya’s share of crude oil increased from 0.1 percent to 0.5 percent. THE Economic survey confirms US Treasury Secretary Scott Bessent’s assertion that India has significantly reduced its oil purchases from Russia.
Last week, Bessent said in an interview with Politico that the 25 percent penalty imposed on India could be reversed. “I guess there’s a way to eliminate them,” he said. He mentioned that the 25 percent tariffs were imposed to discourage New Delhi from buying Russian oil after the war in Ukraine.
“We imposed 25% tariffs on India’s purchase of Russian oil, and Indian purchases of Russian oil by their refineries collapsed. So that’s a success.”
Citing the World Bank’s Commodity Price Outlook, the survey mentions that global commodity prices are expected to decline in FY27 due to weak crude oil prices amid oversupply. He also noted that India increased its crude oil imports by 2.7 percent year-on-year amid falling crude oil prices, reflecting stable energy demand.
