India’s oil imports from OPEC dropped to a record low in fiscal year 2024-25, as refiners increasingly relied on cheaper oil from Russia, which has remained India’s top supplier for the third consecutive year.
According to trade and industry sources, India, the world’s third-largest oil importer and consumer, imported an average of 4.88 million barrels per day (bpd) in the fiscal year ending March 2025. This marked a 5% increase from the previous year. Russian oil imports grew by 7.3% to 1.76 million bpd, raising its share of India’s total oil imports to 36%. Meanwhile, OPEC’s share dropped slightly to 48.5%.
Russia, an ally of OPEC, has managed to capture a significant portion of the Indian market, taking market share from key Middle Eastern producers. This shift has been driven by geopolitical tensions and the impact of Western sanctions on Russia, which have made Russian oil cheaper for Indian refiners. As a result, India has diversified its crude sources, tapping into lower-cost supplies from regions like Russia.
Iraq and Saudi Arabia were India’s second and third largest crude suppliers, respectively. However, India’s imports from Saudi Arabia fell to the lowest level in 14 years in 2024-25, while imports from Iraq dropped to a four-year low. Industry sources noted that Indian refiners reduced purchases of Saudi oil due to higher official selling prices set by Saudi Aramco.
In March 2025, India’s oil imports from Russia surged by 11% to 1.7 million bpd, marking the highest level in five months. Overall, India imported 5.3 million bpd of oil in March, a 1.3% increase from February. The U.S. became the fourth-largest supplier of oil to India during that month.
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