International Relations GS 2 In the news 8 times

India's Oil Import Diversification Strategy

India is the world's third-largest oil consumer and importer, importing approximately 85-87% of its crude oil requirements. Historically dependent on Middle East suppliers (particularly Saudi Arabia, Iraq, and UAE), India has actively diversified its import basket since 2015 — most dramatically by becoming a major buyer of discounted Russian crude after 2022.

Key details

Russia's share of India's crude oil imports: under 1% before February 2022; approximately 35-40% by 2023-2024, making Russia India's single largest crude supplier.
The shift to Russian crude (purchased at discounts of USD 10-20/barrel due to Western sanctions) saved India significant foreign exchange.
Middle East suppliers (Saudi Arabia, UAE, Iraq) collectively still account for approximately 40-50% of India's imports.
Other diversification sources: US crude (WTI), West African (Nigerian, Angolan) crude, Latin American crude.
India's refineries are configured to process a variety of crude grades, providing operational flexibility.
The Brent crude benchmark and Russia-Iran pricing mechanisms interact in ways that affect India's import cost calculations.

In the news

● Tracked since March 03, 2026 · last seen June 21, 2026 · updates as the daily brief publishes

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