India, the world’s third-largest energy consumer, significantly diversified its crude oil imports between April and May 2026, increasing overall imports by 8.5% to 4,920,000 bpd. This strategic shift, driven by geopolitical tensions and favorable pricing, saw Russian crude imports surge by 413,000 bpd to 1.98 million bpd, while Saudi Arabian supplies plummeted by 330,000 bpd to 340,000 bpd due to cost-prohibitive Official Selling Prices.
US crude imports nearly tripled to 293,000 bpd, and Venezuelan supplies jumped to 417,000 bpd following eased international curbs, providing discounted heavy barrels for India's complex refineries. The Strait of Hormuz blockade further compelled India to seek alternative sources, highlighting the critical role of non-dollar Rupee-Rouble trade settlements with Russia for energy security. India's refiners balance landing costs, refining complexities, and geopolitical factors, leveraging advanced domestic capabilities and diplomatic engagements to optimize its crude basket.
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