New Delhi, January 29 (ANI): The Economic Survey 2026 highlighted a notable increase in India’s crude oil imports from the United States compared to Russia during the Financial Year 2026 (April–November).
“A notable increase in the diversity of countries from which India imports crude oil has been observed. In FY26 (April–November), crude oil imports from Libya, Egypt, Brazil, the US, and Brunei increased significantly compared to the same period in FY25, while those from Russia, Saudi Arabia, Iraq, and Venezuela declined,” the survey noted.
Although imports from other countries continue to account for a significant portion of India’s crude oil imports, the shares from the US, Egypt, UAE, Nigeria, and Libya have grown. Between April and November 2025, the share of imports from the US increased to 8.1 percent from 4.6 percent in the same period in FY25, UAE’s share rose to 11.1 percent from 9.4 percent, Egypt’s share climbed to 1.4 percent from 0.3 percent, Nigeria’s share increased to 3.3 percent from 2.2 percent, and Libya’s share went up to 0.5 percent from 0.1 percent.
The survey emphasized that while India’s merchandise trade performance remains resilient, sustaining export momentum will require diversification toward higher-value, more sophisticated products and new destinations.
It also noted that the rupee’s undervaluation provides some relief, offsetting the impact of higher American tariffs on Indian goods without triggering higher inflation from more expensive crude oil imports.
In FY25, the Economic Survey reported that exports of petroleum products declined by 24.7 percent year-on-year, amid softer crude oil prices, which fell by 15.4 percent year-on-year.
About The Author
