India Crude Oil Imports 2026 Market Overview & Trends
Unlocking Opportunities in India Crude Oil Imports Market: Trends, Strategies, and Growth Insights
$141.5 b
Market Size
241.8 b Kg
Import Volume
Venezuela
Key Trading Partner
~21.67%
Market Growth Rate
Crude Oil Market Overview in India
AI Insight
India's crude oil imports exhibit a strong growth trajectory, rebounding to $141.5B in 2024 with a 21.67% growth rate. Russia has secured a dominant competitive position, supplying $52.7B, followed by Iraq and Saudi Arabia. Notably, Venezuela and the UAE are emerging as high-growth partners, indicating a strategic diversification of the supply base. Despite price fluctuations since 2022, import volumes remain high, reflecting India's consistent energy demand and evolving trade alliances.
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5-Year Import Volume
AI Insight
India's import value surged from $64.5B in 2020 to $141.5B in 2024. Despite a peak of $173.5B in 2022, 2024 reflects sustained demand with a volume of 241.7B units. This indicates a strong recovery and growth trend in energy requirements over the five-year period.
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Discover OpportunitiesTop 5 Supplier Countries
Russia
Iraq
Saudi Arabia
United Arab Emirates
Nigeria
AI Insight
In 2024, Russia emerged as the leading supplier with an export value of $52.7B. Other significant contributors include Iraq ($28.1B) and Saudi Arabia ($19.6B). The UAE and Nigeria also maintain strong positions, highlighting India's diversified yet concentrated sourcing strategy.
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See Key SuppliersImport Growth Analysis
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The market demonstrated a robust growth rate of 21.67%. This double-digit expansion reflects strong domestic demand and significant activity within the petroleum import sector, signaling a positive trajectory for trade volume and market value.
Emerging Supply Markets
AI Insight
Venezuela leads emerging growth with a 100% increase, followed by the UAE at 55.8% and Angola at 51.8%. While Russia remains the largest partner by value, these high growth rates from secondary suppliers indicate a strategic shift toward diversifying import sources.
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Explore Emerging MarketsRelated Products You May Import
AI Insight
The primary product driving trade is petroleum crude oil (HS 270900), which reached a total value of $141.5B in 2024. This single commodity represents the core of India's energy import portfolio, underscoring its critical role in the national economy.
Explore Related Products, Discover New Markets: View the full India import data.
Explore Related ProductsCrude Oil Import Requirements in India
Before Shipment
Documentation Required
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View RequirementsCrude Oil Imports and Free Trade Agreements in India
Maximize Your Crude Oil Exports: Explore India Free Trade Agreements and related import conditions.
Explore FTAs- South Asian Free Trade Area (SAFTA)
- India-ASEAN Free Trade Agreement
- India-Japan Comprehensive Economic Partnership Agreement
- India-Korea Comprehensive Economic Partnership Agreement
- India-UAE Comprehensive Economic Partnership Agreement
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