India took more than two-thirds of its August oil imports from just three countries

India’s oil imports from both the US and the UAE rose sharply in August, with US oil fetching a substantial premium compared to the average price India was paying for oil imports. File | Photo credit: Getty Images/iStockphoto

In a sign of the increasing concentration of India’s oil reserves and its limited ability to exploit them, the latest data shows that more than two-thirds of the country’s oil imports come from just three countries – Russia, the US and the United Arab Emirates – a record high share.

Notably, Russia’s share of India’s oil imports fell to around 44% in August 2026, the latest month for which official data is available, from an all-time high of 51% in July.

Data showed that India’s oil imports from both the US and the UAE rose sharply in August, with US oil coming at a substantial premium compared to the average price India was paying for oil imports.

Russia’s share remains elevated

India’s total crude oil imports in August 2026 were 191.2 million tonnes, down 10.3% from July but up 3.4% from August last year. However, the increased price of oil made India’s oil import bill nearly 25% higher in August this year than in the same month last year.

Within this, Russian oil accounted for 84.8 million tonnes of India’s oil imports, or 44.3% of the total. Of India’s $12.2 billion oil import bill in August 2026, payments to Russia accounted for 44.5%.

However, India imported 23% less oil from Russia in August 2026 than in July, although the figure was still 22.5% higher than in August last year.

India’s increased oil imports from Russia have been a sore point in its relations with the US and its President Donald Trump, who signed a law in September that could lead to tariffs of up to 100% on countries that import large amounts of Russian oil and gas, as India does.

Imports from the USA, UAE increased sharply

On the other hand, India’s oil imports from the US surged again in August 2026 to 9.7 million tonnes, accounting for 5.1% of India’s total oil imports for the month. In terms of quantity, this was almost 82% more than in July and more than 130% more than in August last year.

The data also shows that India paid the US an average of $810.6 per tonne of oil, much higher than the average price of $640 per tonne it paid for all oil imports in August. US oil has been more expensive than average since June 2026.

Notably, UAE oil imports to India also jumped in August 2026 as both countries set up alternative supply routes through ports that were relatively unaffected by the war in West Asia. UAE oil imports of 33,000 tonnes accounted for 17.4% of India’s total oil imports and 16.9% of its oil import bill.

Together, Russia, the US and the UAE account for 66.8% of India’s total oil imports by volume and a further 67.8% of its oil import bill.

Published – 15 Oct 2026 22:57 IST