India imported 22.408 million tonnes of crude oil in May 2025 – 12.4% less than in the same month last year, according to statistical materials of the Ministry of Commerce.
In monetary terms, shipments totalled $11.4bn (-28.6% y/y). As compared to April, imports in physical terms decreased by 24.4%, in monetary terms – by 32.8%.
The share of Russia (the unchanged supply leader since June 2022) in India’s oil imports in May reached 40% in physical terms and 39% in monetary terms. Russia supplied 9.015 million tonnes (-6% YoY) worth $4.422bn (-25% YoY). In physical terms, this is the largest volume since October 2024, when India purchased 10.377 million tonnes from the country.
As reported, in January, the US imposed sweeping sanctions against Russia’s oil industry with a period of curtailing operations for delivery of already shipped oil until 27 February.
Iraq in May supplied India with 5 million tonnes of oil (-15% YoY) worth $2.47bn, Saudi Arabia – 2.14 million tonnes (-8% YoY) worth $1.13bn.
In total, India imported 113.106 million tonnes of crude oil ($62.12bn in cash terms) in the five-month period, up 2.2% YoY.
The republic imported 240.543 million tonnes in 2024, 2.3% more than in 2023. Raw materials from Russia accounted for 87.5 million tonnes (+6.9%), or 36.4% of the republic’s imports. Supplies from Iraq – 50.1 million tonnes (+2.6%), from Saudi Arabia – 30.96 million tonnes (-12.3%).