India’s crude oil imports rose 11.2% month-on-month to 5.04 million barrels per day (mbd) in May, the highest level since the outbreak of the Iran conflict and potentially the strongest-ever import volume for the month, as refiners stepped up purchases of Russian and Venezuelan crude while rebuilding domestic inventories.
Kpler data showed crude imports increased by about 509,000 barrels per day from 4.53 mbd in April and were significantly higher than the country’s 2025 average import level of around 4.8 mbd.
The increase comes despite elevated crude prices. The Indian basket stood at $97.52 per barrel on May 28, while the month-to-date average for May remained at $106.83 per barrel.
ALSO READIndia economy resilient in FY27, but geopolitical risks cloud outlook
“India’s crude imports in May have also remained strong. While the 2025 average stood around 4.8 Mbd, May imports are currently tracking near 5.0 Mbd, potentially the highest monthly import in May ever, supported primarily by stronger Russian and Venezuelan crude imports,” said Sumit Ritolia, Lead Analyst for Refining and Supply at Kpler.
Russia retained its position as India’s largest crude supplier, with imports rising 22.9% month-on-month to 1.93 mbd in May from 1.57 mbd in April. Russian crude accounted for about 38% of India’s total crude imports during the month, reinforcing its position as the country’s largest source of oil despite ongoing geopolitical disruptions.
“Weaker crude demand from China has freed up additional barrels into the broader Asian market, while the extension of waivers on Russian supplies and higher Venezuelan imports have further expanded available supply. Together, these factors have helped lift India’s crude inflow to current elevated levels in May,” said Nikhil Dubey, Senior Research Analyst, Refining and Modeling at Kpler.
Beyond Middle East
Venezuelan crude imports increased 10.3% to 301,000 barrels per day (bpd) from 273,000 bpd in April. Imports from Angola almost doubled, rising 92.4% to 256,000 bpd from 133,000 bpd, while shipments from the United States more than doubled to 208,000 bpd from 101,000 bpd.
Brazil supplied 288,000 bpd in May, while the United Arab Emirates remained India’s second-largest supplier at 536,000 bpd.
In contrast, imports from key Middle Eastern producers declined sharply. Saudi Arabian supplies fell 41.2% to 395,000 bpd from 673,000 bpd in April and over 1.03 mbd in February. Iraq’s exports to India collapsed to just 36,000 bpd from 969,000 bpd in February and over 1 mbd in January.
ALSO READIndian rupee posts strongest gains in 2 months: Falling oil prices boost sentiment
Higher crude inflows also helped replenish domestic inventories after a sharp drawdown during the initial phase of the conflict.
Rebuilding Onshore Buffers
India’s onshore crude inventories, including refinery stocks, rose to 96 million barrels in May from 91 million barrels in April, an increase of 5 million barrels or 5.5%. These inventories represent crude oil stored at refineries and storage facilities and act as a buffer against supply disruptions and price volatility.
Stocks had fallen from 107 million barrels in February to 95 million barrels in March and further to 91 million barrels in April as refiners drew down inventories amid uncertainty over supplies and shipping through the Strait of Hormuz.
TOPICSCrude oilThis article was first uploaded on May twenty-nine, twenty twenty-six, at seven minutes past eleven in the night. © The Indian Express (P) Ltd