India’s crude oil import bill fell by 17% to $ 10.8 billion in the first month of FY 2025-26 i.e. April. This information has been given in the data of the government’s petroleum planning and analysis cell. It stated that the country imported 21.2 million tonnes of crude oil in April, which is a slight decline of 1% year-on-year. Russian oil stake in imports was 40% due to low cost. Amid increasing demand, India’s dependence on crude oil imports increased to 90% during this month, which was 88.5% in April 2024.
India’s Russian oil imports at the highest level
According to the news of Financial Express, despite the high dependence, India is expecting to promote domestic production through reforms and increase in search. According to Kepler’s data, India’s Russian oil imports in April reached their highest level since May 2023. The country’s market share in Indian imports increased to 40% in April, which was 39% a year ago. Russian oil imports for April are estimated at 2.1 million barrels per day.
Russian oil cheaper 3-8 per barrel compared to the rest of the oils
The analyst says that the Russian barrels, based on the landed-cost, are $ 3-8 per barrels than the West Asian or American grade. Let me tell you, Russia remains the top supplier even today. But amidst global uncertainty and American sanctions on Russia, many Indian oil and gas companies have also started searching for other sources for oil supply. America is also monitored in this.
However, it is also being said that due to concerns about the decline in oil production in the US, India’s plan to increase oil imports from the US could be shocked. It is being said that a decrease in global oil demand is expected to obstruct American oil production growth later this year and may lead to an annual decline in 2026.
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