Notable increase in India’s oil sources: CEA highlights in Economic Survey

There has been a “notable increase” in the number of countries from where India imports crude oil, Chief Economic Advisor C. Anantha Nageswaran states in the latest Economic Survey.

According to him, until November in the fiscal year 2026, crude oil imports from Libya, Egypt, Brazil, United States and Brunei have increased “significantly” as compared to the same period last year. Mr. Nageswaran added that the uptick is alongside a decline in imports from Russia, Saudi Arabia, Iraq and Venezuela.

The trend is particularly in line with New Delhi’s push for diversification of sources for procuring crude oil seeking to cushion itself amidst global geopolitical uncertainties.

The Chief Economic Advisor also observed, “Although imports from other countries account for a significant portion of India’s crude oil imports, the shares of the U.S., Egypt, UAE, Nigeria and Libya have increased.”

According to Mr. Nageswaran, between April and November in the ongoing fiscal year, U.S.’ share in India’s imports basket spurred to 8.1% from 4.6% in the compared period last fiscal. Further, United Arab Emirates’ share increased from 9.4% to 11.1%, Libya from 0.1% to 0.5%, Egypt from 0.3% to 1.4% and Nigeria from 2.2% to 3.3%.