India Remains World’s Second-Largest Buyer of Russian Fossil Fuels
New Delhi (Economy India): India remained the world’s second-largest importer of Russian fossil fuels in May 2026, with purchases of crude oil and other energy products from Russia rising to approximately $6.7 billion, according to the latest energy trade data.
The increase highlights India’s continued reliance on discounted Russian energy supplies to meet its growing fuel demand while ensuring energy security amid ongoing geopolitical uncertainties and volatility in global energy markets.
Strong Demand Drives Higher Imports
The rise in imports was primarily driven by higher purchases of Russian crude oil, which continues to be offered at competitive prices compared with supplies from several other global producers.
Since the outbreak of the Russia-Ukraine conflict and the subsequent restructuring of global energy trade flows, India has emerged as one of the key destinations for Russian oil exports.
Energy analysts note that Indian refiners have benefited from discounted Russian crude, helping them maintain refining margins and reduce the impact of fluctuating international oil prices.
Russia Remains a Key Energy Supplier
Russia has become one of India’s largest crude oil suppliers over the past few years, significantly increasing its share in the country’s energy import basket.
Apart from crude oil, India’s imports from Russia also include:
🛢️ Crude Oil
⛽ Refined Petroleum Products
🔥 Coal and Other Fossil Fuels
⚡ Energy Feedstocks for Industrial Use
The strong energy partnership has helped both countries deepen economic ties while supporting India’s efforts to secure stable and affordable energy supplies.
Energy Security Remains a Priority
India, the world’s third-largest energy consumer, relies heavily on imports to meet domestic demand for oil and gas.
Government officials have consistently maintained that energy purchases are guided by national interests, affordability, and energy security considerations.
As global energy markets continue to experience uncertainty due to geopolitical tensions, supply disruptions, and fluctuating crude prices, India has diversified its sourcing strategy while continuing to take advantage of competitive pricing opportunities.
Global Energy Market Implications
The sustained demand from India and other major Asian economies has played an important role in maintaining Russian energy exports despite Western sanctions and trade restrictions.
Industry observers believe that Russian crude will likely continue to remain an important component of India’s import mix as long as pricing remains attractive and supply chains remain stable.
At the same time, India continues to expand investments in renewable energy and alternative fuel sources as part of its long-term energy transition strategy.
The rise in India’s imports of Russian crude oil and other fossil fuels to $6.7 billion in May underscores the importance of affordable energy supplies in supporting the country’s economic growth. As global energy markets remain volatile, India’s pragmatic approach to sourcing fuel from multiple suppliers, including Russia, is expected to remain central to its energy security strategy.
(Economy India)
