India’s Oil Imports From Russia Hit 38-month Low

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India’s crude oil imports from Russia declined to a 38-month low in December 2025, with Russia’s share in India’s oil basket falling sharply.
Official data showed a reduction in both the value and volume of Russian oil imports during the month.

The value of India’s crude oil imports from Russia declined to $2.7 billion in December 2025, the lowest level in 38 months.
Russia’s share in India’s crude oil imports fell to about 25% in December 2025, down from 34% in November 2025.
In volume terms, India imported 5.8 million tonnes of oil from Russia in December 2025, the lowest since February 2025.
Imports from Russia in December 2025 were 15% lower than December 2024 and 27.1% lower than November 2025.
Russian oil accounted for less than a quarter of India’s crude oil imports during the month.

Data showed that India’s imports of Russian oil had remained elevated through much of 2023 and 2024, before declining sharply by December 2025.
A chart published with the data indicated that Russia’s share in India’s oil imports peaked above 35% in earlier months before falling to 24.9% in December 2025.
The fall marked the lowest Russian share in three years.

India imported $569.3 million worth of oil from the U.S. in December 2025.
This was 60.5% lower than November 2025, when imports from the U.S. had surged to a seven-month high.
Despite the month-on-month decline, oil imports from the U.S. were nearly 31% higher than December 2024.
In volume terms, India imported 1.1 million tonnes of oil from the U.S. in December 2025, which was 58% higher than December 2024.

Crude oil import diversification refers to sourcing oil from multiple countries instead of relying heavily on one supplier.
- It is done to manage supply risks, price volatility, and logistical constraints.
- Countries often adjust sourcing based on prices, freight costs, quality of crude, and geopolitical conditions.
India sourced crude oil from 19 countries in December 2025, up from 16 countries in December 2024.
Among these 19 countries, 10 countries saw their share in India’s crude oil basket increase, while Russia’s share declined.
The data indicated a broader diversification of oil imports during the month.

U.S. President Donald Trump claimed that India would stop importing Russian oil in exchange for lower U.S. tariffs on Indian imports, with tariff levels mentioned as falling from 50% to 18%.
India neither confirmed nor denied this claim.
Indian officials stated that India is diversifying its energy sources while keeping in mind objective market conditions and evolving international dynamics.

A senior government official stated that the U.S. Gulf Coast is about 4.5 to five times farther from India than Russia in shipping distance.
The distance from Venezuela to India was stated to be similar to that from the U.S.
Officials said India receives discounted Russian oil at present.
Lower shipping distances were cited as making Russian oil cheaper to import compared to oil from the U.S. or Venezuela.
According to estimates cited, oil shipped from Venezuela or the U.S. Gulf Coast could cost as high as $4.5 per barrel in shipping, compared to a maximum of $1 per barrel from West Asia.
It was noted that estimating transport costs is difficult because companies negotiate separate deals with non-sanctioned entities in Russia.

Indian companies paid an average of $506.7 per tonne for oil imported from the U.S. in December 2025.
The average price paid for Russian oil in the same month was $469.4 per tonne.
India did not import Venezuelan oil in December 2025.

An internal analysis by the State Bank of India stated that India could entirely switch away from Russian oil and replace it with Venezuelan oil.
The analysis said such a switch would be commercially viable if Venezuelan crude were available at a discount of $10 to $12 per barrel due to its sourness.