Russian oil imports, prices jump; U.S. share goes down

Russian oil imports, prices jump; U.S. share goes down

Russia’s share in the value of India’s oil imports jumped back up to an 11-month high of nearly 38% in April 2026 as India continued to increase its dependence on it against the backdrop of the ongoing West Asia crisis.

This increasing dependence was accompanied by a 425% jump in the premium being charged by Russia for its oil, in contrast to the discount it had been offering until recently.

Russia’s share in India’s crude imports in April stood at about 34% in terms of the volume. At the same time, India’s dependence on oil from the U.S. fell to multi-month lows in terms of both value and volume.

Oil imports back up

An analysis of data from the Ministry of Commerce and Industry shows that India’s total oil imports bounced back to 195.3 lakh tonnes in April after having dipped in March to 158.5 lakh tonnes following the start of the West Asian crisis.

However, while this worked out to a 23% increase over March in terms of volume, the surging price of oil meant that India’s total oil import bill jumped 61.3% to $15.4 billion in April, as compared to its level in the previous month.

Within this, the volume of India’s oil imports from Russia stood at nearly 67 lakh tonnes in April, up 27% from March and making up 34.3% of the total amount of oil India imported during the month.

The rise in prices had a significant impact on the amount India paid for this oil.

The Hindu had reported last month that the discount Russia used to offer India for its oil had turned into a premium in March.

Higher premium

The data now shows that India paid an even higher premium for Russian oil in April than it did in March.

The total value of India’s Russian oil imports stood at $5.8 billion in April 2026, which was 37.7% of India’s total oil import bill that month.

In April, India paid Russia $864.9 per tonne for its oil, while it paid $787.1 per tonne overall for its oil imports from all countries. This works out to a premium of $77.8 per tonne as compared to a premium of $14.8 per tonne paid to Russia in March 2026, a 425% increase.

On the other hand, the U.S. accounted for just 2.9% of India’s oil bill in April, an eight-month low. In terms of volume, it accounted for 3.8%, also an eight-month low.