India's Oil Import Dependence and Energy Security Vulnerabilities
India is the world's third-largest importer of crude oil, meeting approximately 88% of its crude requirements through imports. The structure of these imports creates significant exposure to geopolitical shocks in West Asia.
- Top crude suppliers to India (2024-25): Iraq, Russia, Saudi Arabia, UAE, and the USA — in that order. Russia's share surged post-2022 sanctions (from near-zero to ~35-40% of imports).
- The Indian Basket crude price is a weighted average of Oman/Dubai (sour crude) and Brent (sweet crude), reflecting India's actual import mix.
- Approximately 60% of India's crude imports and over 60% of its LNG imports transit through the Strait of Hormuz — making any closure catastrophic for India's energy security.
- Strategic Petroleum Reserves (SPR): India has underground SPR facilities at Visakhapatnam, Mangaluru (two caverns), and Padur, with a combined capacity of about 5.33 million metric tonnes — sufficient for approximately 9.5 days of national consumption. The government has cited a 74-day reserve figure, which likely combines commercial stocks held by refineries and SPR.
- India does not directly control the price of crude oil it imports (it is globally determined) but can partially insulate domestic retail prices through the Petroleum Price Equalisation Fund mechanism and subsidy policy.
● Tracked since March 09, 2026 · last seen March 31, 2026 · updates as the daily brief publishes
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