Russia’s portion of India’s crude imports rose above 40 percent in May 2026, the highest level in nearly two years, according to government figures. Data indicate Russia charged a premium while suppliers including the United States and the UAE offered oil below average prices.
An analysis of Commerce Ministry statistics reveals India continued efforts to broaden supply sources by resuming purchases from Iran and Venezuela in April and maintaining them through May.
Total oil imports reached 218.2 tonnes in May 2026, the highest since January and 12 percent above April levels, though 2.6 percent below the same month last year.
Higher prices drove the import bill up 23.5 percent from April and 66 percent from May 2025. The average price stood at $106 per barrel compared with $64 a year earlier.
Russian volumes fell 2 percent year on year, yet their value rose 83 percent. Russia’s share reached 40.5 percent by volume and 42.6 percent by value, both peaks since mid-2024.
Importers paid roughly $46 per tonne above the overall average for Russian crude. Russia had offered discounts until February.
Analysts attribute the premium to India’s and China’s reliance on Russian supplies amid disruptions from the West Asia conflict that began in late February. Refineries adjusted to Russian grades, supporting continued purchases even at higher prices.
India also imported oil from Venezuela and Iran, countries previously under restrictions. Venezuelan purchases rose from $605 million in April to $984 million in May, while Iranian volumes declined from $430.5 million to $277 million.
