Crude oil import: Notable increase in diversity of countries

A notable increase in the diversity of countries from which India imports crude oil has been observed, the Economic Survey 2025-2026, said.

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In FY26 (April-November), crude oil imports from Libya, Egypt, Brazil, the US and Brunei increased significantly compared to the same period in FY25, while those from Russia, Saudi Arabia, Iraq and Venezuela declined, it said.

Although imports from other countries account for a significant portion of India’s crude oil imports, the shares of the US, Egypt, UAE, Nigeria and Libya have increased, the survey said.

Between April-November 2025, the share of imports from the US increased to 8.1 per cent from 4.6 per cent in the same period in FY25, while UAE’s share increased to 11.1 per cent from 9.4 per cent, Egypt’s share increased to 1.4 per cent from 0.3 per cent, Nigeria’s share increased to 3.3 per cent from 2.2 per cent and Libya’s share increased to 0.5 per cent from 0.1 per cent, it said.

 

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