Economic Survey 2025-26: Crude oil exports from US increased to 8.1% in FY26

India increased its crude oil imports from countries such as the US, Brazil, Libya, Egypt, Nigeria, and Brunei significantly in FY26 (April-December) compared to the same period in FY25, as per the Economic Survey tabled in Parliament ahead of the Union Budget. The document also mentioned that crude oil imports from Russia, Saudi Arabia, Iraq, and Venezuela declined. 

In August 2025, US President Donald Trump doubled the tariffs on Indian imports to 50 per cent due to New Delhi's purchase of Russian oil and energy products. 

The share of crude oil imports from the US went up from 4.6 per cent in April-December FY25 to 8.1 per cent in the same period in FY26. The UAE's share went up to 11.1 per cent from 9.4 per cent, whereas Egypt's share rose from 0.3 per cent to 1.4 per cent. 

Nigeria's share went up from 2.2 per cent to 3.3 per cent, and Libya's share of crude oil increased from 0.1 per cent to 0.5 per cent. The Economic Survey confirms US Treasury Secretary Scott Bessent's claim that India has substantially reduced its oil purchases from Russia.

Last week, Bessent said in an interview with Politico that the 25 per cent penalty imposed on India could be rolled back. "I would imagine there is a path to take them off," he said. He mentioned that the 25 per cent tariff was imposed to discourage New Delhi from buying Russian oil after the Ukraine war. 

“We put twenty-five per cent tariffs on India for buying Russian oil, and the Indian purchases by their refineries of Russian oil have collapsed. So that is a success."

Citing the World Bank's Commodity Prices Outlook, the survey mentioned that global commodity prices are likely to decline in FY27 on the back of subdued crude oil prices amid oversupply. It also noted that India increased imports of petroleum crude by 2.7 per cent year-on-year amid softer crude oil prices, reflecting stable energy demand.