India’s crude oil import has increased by 11 percent to 5 million barrels per day in May 2026. India, the world’s third largest oil consumer, has registered a huge increase in imports by purchasing more oil from Russia and Venezuela. According to data from commodity analytics firm Kpler, this May import level could be the highest May import ever.
India’s average crude oil import in April was around 45 lakh barrels per day, which increased to around 50 lakh barrels per day in May. According to Sumit Ritolia, Kpler’s refining and supply analyst, strong supplies from Russia and Venezuela made additional oil available to India, leading to a surge in imports.
Russia becomes the biggest supplier
India increased oil purchases from Russia by 23 percent to 19 lakh barrels per day in May. In April this figure was 15.7 lakh barrels per day. Russia continues to be India’s largest oil supplier. After Russia, United Arab Emirates (UAE) was the second largest supplier to India, from where 5.4 lakh barrels of oil came per day. Saudi Arabia remained at third place, but a huge decline of 41 percent was recorded in imports from there. The main reason for this is believed to be the ongoing tension and supply constraints in the Strait of Hormuz.
New options amid West Asia crisis
Due to the ongoing war and tension in West Asia, India is now increasing its reliance on more countries for oil supply. Apart from Russia, India has also increased oil purchases from Venezuela, America, Brazil, Oman and Angola. Venezuela emerged as India’s fourth largest oil supplier in May. About 3.03 lakh barrels of oil were imported from there per day.
At the same time, there was a huge increase of 107 percent in oil import from America and it reached 2.09 lakh barrels per day. Experts say that Venezuela’s heavy grade crude oil is very suitable for Indian refineries. Besides, it is not affected by the crisis in West Asia, due to which India is getting supply security.
If China’s demand increases then pressure may increase
According to analysts, currently due to weak oil demand in China, Asian countries are getting additional supply. But if China’s demand increases again and the situation in the Strait of Hormuz does not become normal, then pressure on supply and prices in the Asian market may increase again.
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