India’s crude import bill up 26% in ’26-27 Q1 despite 18% volume fall
In the first quarter of the year, India's crude oil import bill surged by twenty-six percent compared to last year, reaching forty-nine billion dollars, up from thirty-nine billion. Despite an eighteen percent drop in import volumes, rising oil prices, fueled by ongoing conflicts, significantly impacted costs. Russia emerged as India's primary crude supplier, contributing over forty percent, and…
India's crude import bill surged 26% in Q1 2026-27, reaching $49 billion, despite a 18% decline in volumes to 59.7 million tonnes. The rise was attributed to the West Asia conflict disrupting supplies and driving up oil prices, with Brent crude touching nearly $120 per barrel at the peak of the conflict. Russia was the largest supplier, accounting for over 40% of imports, while the UAE, Saudi Arabia, Venezuela, and Oman were other major suppliers.
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