India significantly increased crude oil imports from countries like the US, Brazil, Libya, Egypt, Nigeria and Brunei significantly in FY26 (April-December) compared to the same period in FY25, according to the Economic Survey tabled in Parliament before Budget of the Union. The document also mentioned that crude imports from Russia, Saudi Arabia, Iraq and Venezuela decreased.

In August 2025, The President of the United States, Donald Trump doubled tariffs on Indian imports to 50% due to New Delhi’s purchase of Russian oil and energy products.

The share of US crude imports rose from 4.6 percent in April to December in FY25 to 8.1 percent in the same period in FY26. The UAE’s share rose to 11.1 percent from 9.4 percent, while Egypt’s share rose from 0.3 percent to 1.4 percent.

Nigeria’s share rose from 2.2% to 3.3%, and Libya’s share of crude increased from 0.1% to 0.5%. The Economic Study confirms US Treasury Secretary Scott Bessent’s claim that India has substantially reduced its oil purchases from Russia.

Last week, Bessent said in an interview with Politico that the 25 percent penalty imposed on India could be reversed. “I would imagine there’s a way to get them out,” he said. He mentioned that the 25 percent tariff was imposed to deter New Delhi from buying Russian oil after the Ukraine war.

“We put twenty-five percent tariffs on India to buy Russian oil, and Indian purchases from their Russian oil refineries have collapsed. So that’s a success.”

Citing the World Bank Commodity Price Outlook, the survey mentioned that global commodity prices are likely to decline in FY27 due to low crude oil prices amid oversupply. It also noted that India increased crude oil imports by 2.7% year-on-year amid lower crude prices, reflecting stable energy demand.