India’s crude oil imports reached an all-time high of approximately 5.6 million barrels per day (bpd) in October 2026, as refiners increased purchases from Russia, the Middle East and alternative suppliers to maintain high refinery operations. The record imports came despite geopolitical tensions, shipping disruptions and higher transportation costs affecting global oil trade.
Russian crude continued to play a major role, with supplies averaging around 2 million bpd during October, according to energy intelligence firm Kpler. Middle Eastern supplies contributed approximately 2.3 million bpd. However, the composition of India’s oil basket is changing as refiners compare the landed cost, availability and reliability of supplies from different regions.
Key Takeaways
- India’s crude oil imports reached approximately 5.6 million bpd in October 2026, a record high.
- Imports increased from 5.34 million bpd in September and 4.95 million bpd in October 2025.
- Russian crude supplies remained strong at around 2 million bpd.
- Russia accounted for approximately 35% of India’s crude imports, down from 56% in July.
- Middle Eastern supplies reached approximately 2.3 million bpd.
- Angola and Venezuela increased shipments to India as refiners diversified their sourcing.
- High refinery utilisation and limited planned maintenance supported the record import demand.
- Freight costs and geopolitical risks could influence Russian oil purchases in November and December.
India Records Its Highest-Ever Monthly Crude Oil Imports
India imported approximately 5.6 million barrels of crude oil per day in October, according to Kpler data.
The latest estimate represents an increase of more than 5% compared with September and approximately 14% compared with October 2025.
| Month | Average crude oil imports |
|---|---|
| October 2025 | 4.95 million bpd |
| September 2026 | 5.34 million bpd |
| October 2026 | Approximately 5.6 million bpd |
Source: Kpler data reported by financial and industry publications. October figures are provisional estimates.
The increase reflects strong crude procurement by Indian refiners, including state-owned companies and private-sector operators such as Reliance Industries.
India has approximately 5.35 million bpd of installed refining capacity. However, refinery operations can exceed nameplate capacity for periods when plants are run at higher utilisation rates.
According to the latest oil ministry data cited by Business Standard, Indian refineries processed approximately 5.62 million bpd of crude in September, demonstrating the high level of activity across the sector.
Kpler analysts have identified exceptionally high refinery utilisation and relatively limited planned maintenance during 2026 as important reasons behind the record import volumes.
Higher crude purchases also help refiners maintain adequate feedstock inventories and avoid shortages of petroleum products.
Russia Remains India’s Largest Crude Oil Supplier
Russia continued to be India’s largest crude oil supplier in October, with imports reaching approximately 2 million bpd.
However, the country’s share of India’s total crude imports has declined significantly from its July peak.
| Indicator | Russian crude imports |
|---|---|
| July 2026 | Approximately 2.82 million bpd |
| October 2026 | Approximately 1.97–2 million bpd |
| Russian share in July | Approximately 56% |
| Russian share in October | Approximately 35% |
The figures show that India continues to purchase substantial quantities of Russian oil, but its dependence on Russian barrels has declined from the levels recorded earlier in the year.
One important reason is the changing economics of Russian crude.
For several years after Russia’s invasion of Ukraine in February 2022, Western sanctions and restrictions redirected Russian oil towards alternative markets. India became one of the largest buyers because Russian crude was often available at substantial discounts.
However, the earlier price advantage has weakened.
Higher shipping costs, supply disruptions around Russian export infrastructure and increased competition from Chinese refiners have affected the delivered cost of Russian crude.
Indian refiners are therefore comparing Russian supplies with alternatives from the Middle East, Africa and Latin America.
Middle Eastern Oil Supplies Recover to 2.3 Million BPD
Middle Eastern crude supplies to India recovered during September and October as shipping arrangements improved.
October arrivals from the region reached approximately 2.3 million bpd, according to Kpler.
Higher ship-to-ship transfers helped move additional crude through the Strait of Hormuz.
Ship-to-ship transfers involve moving oil from one vessel to another rather than requiring the final delivery tanker to travel directly into the original loading area.
This arrangement can help suppliers and buyers manage shipping risks when traditional maritime routes face security concerns.
The recovery in Gulf supplies gave Indian refiners more options beyond Russian crude.
Countries such as Saudi Arabia, Iraq and the United Arab Emirates remain important suppliers to India. Some Gulf producers have also offered competitive delivered prices to regain market share.
However, supply conditions remain sensitive to developments around the Strait of Hormuz. Any renewed disruption could increase freight costs and reduce the availability of Middle Eastern crude.
Angola and Venezuela Increase Oil Shipments to India
India’s diversification strategy is also visible in its growing purchases from Atlantic Basin suppliers.
Two countries recorded particularly strong increases in October: Angola and Venezuela.
Angola
Angolan crude shipments to India increased to approximately 335,000 barrels per day in October, compared with around 36,000 bpd in September.
This represented nearly a tenfold increase in monthly arrivals.
Angola’s crude provides Indian refiners with another source of supply outside the Middle East and Russia.
Venezuela
Venezuelan crude imports increased to approximately 345,000 bpd in October, compared with around 196,000 bpd in September.
Reliance Industries emerged as the main buyer of Venezuelan crude.
The company’s Jamnagar refinery complex has the processing capabilities required to handle heavy and high-sulphur crude grades.
The United States also increased shipments to India, with arrivals reaching approximately 157,000 bpd in October, compared with 142,000 bpd in September.
These changes indicate that Indian refiners are widening their sourcing networks as the economics of individual crude grades and shipping routes change.
Why India’s Refiners Are Buying More Crude
The record imports are closely connected to refinery operations.
India is one of the world’s largest crude oil importers and relies on overseas supplies for nearly 90% of its crude requirements.
Refiners purchase crude oil to manufacture products such as:
- Petrol
- Diesel
- Aviation turbine fuel
- Liquefied petroleum gas
- Naphtha
- Bitumen
- Petrochemical feedstocks
When refineries operate at high utilisation levels, they need larger and more consistent crude supplies.
Several factors supported India’s October procurement.
High refinery utilisation: Indian refiners have been operating at elevated capacity, in some cases above installed nameplate levels.
Limited maintenance: Relatively limited planned maintenance during 2026 helped keep more refining capacity operational.
Product exports: Indian refineries supply petroleum products to markets across Asia, Africa, Europe and other regions. Strong export opportunities can support higher crude processing.
Supply security: With India dependent on imported oil, refiners have an incentive to secure cargoes from multiple countries to reduce the risk of feedstock shortages.
The combination of these factors helped push October crude imports to a new record.
Higher Freight Costs Are Changing the Economics of Russian Oil
Shipping costs have become an important consideration for Indian refiners.
Before the current geopolitical disruptions, freight for West Asian crude supplies was typically around $3–4 per barrel, according to traders cited by Business Standard.
More recently, freight and insurance costs have increased substantially. Although freight rates have eased from September’s higher levels, they remain elevated compared with the period before the disruptions.
For a very large crude carrier carrying around 2 million barrels, shipping and insurance can represent a significant portion of the delivered cargo cost.
This is particularly important for Russian crude, which often travels longer distances to reach Indian refineries.
A crude grade that appears cheaper at the loading port may become more expensive once transportation, insurance and other costs are included.
BPCL has indicated that it expects to significantly reduce Russian crude purchases in November because West Asian grades have become more commercially attractive.
The company also said Russian crude premiums, which had reached approximately $12–13 per barrel in October, had narrowed to around $1–2 per barrel for December cargoes. This could improve the economics of Russian deliveries later in the year.
The figures demonstrate why Indian refiners are adjusting their purchasing decisions frequently rather than following a fixed sourcing strategy.
What Could Happen to Russian Oil Imports in November and December?
Kpler analysts expect Russian crude flows to India to potentially moderate in November and December.
Attacks on Russian energy infrastructure and shipping risks around the Black Sea could increase freight costs and reduce the competitiveness of Russian cargoes.
At the same time, Middle Eastern suppliers are attempting to regain market share by offering competitive delivered prices.
However, the outlook is not one-directional.
If the Strait of Hormuz experiences renewed disruption, Indian refiners may increase their purchases of Russian crude again, even if transportation costs rise.
The final decision will depend on the relative cost and reliability of available supplies.
The October 16 waiver under the Graham Act, cited in the reporting, could also provide some Indian buyers with greater flexibility when evaluating Russian crude purchases. Its practical effect will depend on the applicable legal and compliance conditions.
The Bigger Picture
India’s record crude imports show how the country’s refining sector is adapting to a volatile global oil market. Russian supplies remain substantial, but their share has declined as Middle Eastern deliveries recover and African and Latin American producers increase shipments. Rather than depending on a single source, Indian refiners are increasingly comparing the full delivered cost of crude from different regions.
The development also highlights India’s exposure to international shipping routes and geopolitical risks. Since the country imports nearly 90% of its crude requirements, disruptions around the Strait of Hormuz, Black Sea security concerns and changes in freight rates can influence refinery economics and domestic fuel supply. Maintaining multiple supply options is therefore an important part of India’s energy security strategy.
Looking Ahead
Indian crude imports will remain closely linked to refinery utilisation, petroleum product demand and the availability of competitively priced cargoes. Russian supplies could soften in November and December if shipping costs remain high and Gulf producers continue offering attractive delivered prices. However, any renewed disruption to Middle Eastern shipping routes could quickly change those calculations.
The key trend to watch is not simply whether Russia remains India’s largest supplier, but how its share changes alongside purchases from the Middle East, Africa and Latin America. India’s October record demonstrates that refiners are willing to source crude from a wider range of markets to keep their plants operating. The final import mix will depend on price, shipping reliability and geopolitical conditions.
Frequently Asked Questions
1. How much crude oil did India import in October 2026?
India imported approximately 5.6 million barrels per day of crude oil in October 2026, according to Kpler data. This was the country’s highest-ever monthly import level.
2. How much Russian oil did India import in October?
Russian crude supplies averaged approximately 2 million barrels per day in October 2026, accounting for around 35% of India’s total crude imports.
3. Why are India’s crude oil imports increasing?
Higher refinery utilisation, limited planned maintenance, strong petroleum product demand and the need to secure sufficient crude supplies supported the increase in imports.
4. Is Russia still India’s largest crude oil supplier?
Yes. Russia remained India’s largest crude oil supplier in October 2026, although its share declined to approximately 35% from around 56% in July.
5. Which countries increased crude oil shipments to India?
Angola and Venezuela recorded significant increases in October. Supplies from the United States also rose, while Middle Eastern deliveries recovered.
6. Why are Indian refiners reducing Russian oil purchases?
Higher freight costs, shipping risks, increased competition from Chinese refiners and more competitive offers from Middle Eastern suppliers have reduced the price advantage of some Russian crude cargoes.
7. What is the Strait of Hormuz and why is it important to India?
The Strait of Hormuz is a major maritime passage connecting the Persian Gulf with the Gulf of Oman and the wider Arabian Sea. It is an important route for global oil shipments, including supplies from several Middle Eastern producers. Disruptions can increase shipping costs and affect India’s crude availability.
8. Does India depend on Russia for most of its crude oil?
No. Russia accounted for approximately 35% of India’s crude imports in October 2026. The remaining supplies came from the Middle East, Africa, Latin America, the United States and other producers.
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