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EconomyThe Hindu9 July 2026
Russia's share in Indian oil imports crossed 40% in May 2026 even as premium pricing continued
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📌 Summary:
- Russia's share in India's oil imports rose above 40% in May 2026 — the highest in nearly two years (Ministry of Commerce and Industry data)
- Russia charged India a premium for its oil, while the U.S. and UAE sold oil to India at lower-than-average prices
- India is diversifying its crude sources: it resumed importing oil from Iran and Venezuela in April 2026 and continued in May
🎯 UPSC Relevance: GS2 IR (India–Russia relations amid Western sanctions) and GS3 Economy — energy security, import diversification, and trade balance implications
📝 Prelims Facts:
- Russia became India's largest crude supplier after 2022, displacing traditional West Asian suppliers
- India is the world's third-largest crude oil importer and consumer
- Import data is published by the Ministry of Commerce and Industry
🔑 Key Term: Energy security — assured availability of energy at affordable prices; India imports over 85% of its crude oil needs, making source diversification strategic
India-Russiaoil importsenergy securitytrade
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