economy
January 29, 2026
Indian minister admits Russian oil imports cut
The “declining trend” is on account of market-driven conditions and New Delhi’s diversification of sources, India’s oil minister has said
TL;DR
- India's oil imports from Russia have declined to 1.3 million barrels per day from an average of 1.8 million.
- This decline is described as a market-driven trend amidst US pressure to stop buying Russian oil.
- The Indian government does not mandate oil purchases; companies make their own decisions.
- India is diversifying its oil suppliers and currently buys from 41 nations.
- Indian companies are interested in increasing oil imports from Canada and the US.
- There are punitive tariffs on exports to the US related to Russian oil purchases.
- US officials expect India to continue reducing Russian oil purchases due to sanctions.
- India became a key market for Russian crude after the Ukraine conflict escalated in 2022, with Russia being its top supplier.
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