India's Crude Oil Sources: Five Nations Supply Nation's Fuel; US-Iran Conflict May Hike Petrol, Diesel Prices
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US-Iran Conflict Threatens India's Oil Supply, Fuel Prices to Rise
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News18•02-03-2026, 10:49
US-Iran Conflict Threatens India's Oil Supply, Fuel Prices to Rise
•India, the world's second-largest oil consumer, imports 85% of its crude oil needs, approximately 4.7 to 5 million barrels daily.
•Geopolitical shifts have diversified India's oil import strategy, moving beyond sole reliance on Middle Eastern countries.
•India's top crude oil suppliers include Iraq (1.03 million bpd), Saudi Arabia (0.79 million bpd), UAE (0.40 million bpd), and the US (0.30 million bpd).
•Russia was a major supplier, offering discounted oil post-Ukraine war, but US sanctions have led India to reduce imports from Russia.
•US-Iran conflict and potential closure of the Strait of Hormuz could drive crude oil prices to $70-75 per barrel, impacting petrol and diesel prices in India.
