India cuts oil imports 41% to 16 mln tonnes in March, Russia makes up third of total

MOSCOW. May 19 (Interfax) - India's oil imports fell 41% year-on-year to 5.849 million tonnes in March 2026, versus 26.989 million tonnes a year previously, also decreasing 35% in value terms to $9.531 billion, India's trade ministry said in a publication.

The country purchased 20.53 million tonnes for $9.82 billion in February 2026.

Russia remained the leading supplier, as it has been since June 2022, exporting 5.273 million tonnes to India in March, down 29% YoY and 3% MoM, for $3.25 billion. Russia's share in India's overall oil imports grew from approximately 27% in both February 2026 and March 2025 to 33%.

Due to its geographical position, India has traditionally imported much of its oil from the Middle East, but has since ceased to do so due to the military conflict in the region.