Significant Shift in India’s Crude Oil Import Basket Towards Russian Supplies
India's crude oil import strategy has undergone a major transformation, shifting from a heavy reliance on West Asian suppliers to Russia. Historically, Saudi Arabia, Iraq, and the UAE accounted for two-thirds of India's imports. However, following the 2022 conflict in Ukraine and subsequent Western sanctions on Moscow, India began purchasing Russian oil at discounted rates. Russian oil, which accounted for less than 2% of imports in 2021-22, surged to over 35% by 2024-25. Currently, oil from Moscow constitutes one-third of India's overall import basket, reflecting a strategic move to ensure energy security and economic viability amidst global geopolitical shifts.
Key Points
- Russia has emerged as India's top crude oil supplier, providing one-third of the total import basket.
- Imports from Russia jumped from under 2% in 2021-22 to approximately 35.8% in 2024-25.
- Sanctions on Iran in 2011 and 2018 previously forced India to reduce its Iranian oil share significantly.
- India's strategy balances energy security with the complex geopolitics of global oil purchases and sanctions.
Exam Facts
- Russian oil share in India's imports was 21.6% in 2022-23 and 35.8% in 2024-25.
- Before 2005, 70% of India's crude came from Saudi Arabia, Iraq, Iran, Kuwait, and UAE.
- India is currently the world's third-largest oil consumer.
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