India Diversifies Crude Imports: US, UAE Shares Rise, Russia Declines

• India significantly diversified its crude oil sourcing in the current fiscal year, as per the Economic Survey 2025-26.
• Crude imports from the US, UAE, Egypt, Nigeria, and Libya increased, while shipments from Russia, Saudi Arabia, Iraq, and Venezuela declined.
• The US share of India's crude imports rose to 8.1% (from 4.6%) and UAE's to 11.1% (from 9.4%) between April-November 2025.
• The reduction in Russian imports follows US tariffs and sanctions on Russian oil producers.
• Global commodity prices, including crude oil, are projected to decline by 7% in FY26 due to oversupply, though geopolitics pose a risk.

Why It Matters: India is broadening its crude oil import sources, increasing reliance on Western and African nations while reducing Russian shipments.