India’s Oil Imports Shift as U.S. Pressure Targets Russian, Iranian and Venezuelan Crude

 

crude oil tanker (Photo: Unsplash)

NEW DELHI, September 18, 2026 — India’s crude oil import patterns have changed significantly following U.S. sanctions and trade measures targeting major oil-producing countries, with government data showing sharp declines in purchases from Venezuela, Iran and, at times, Russia.

The changes highlight how geopolitical pressure and commercial considerations have influenced India’s energy sourcing over the past decade. At the same time, import data also show that purchases from some of these suppliers increased again when U.S. restrictions were eased or market conditions changed.

Venezuela imports fell after U.S. sanctions

India’s purchases of Venezuelan crude were relatively significant before Washington expanded sanctions against the country’s oil sector in 2019.

Venezuela accounted for about 6.7% of India’s oil imports in 2017-18, according to data cited in the report. The share subsequently declined, reaching around 1.1% in 2020-21 and falling to zero in the following financial year.

Indian imports from Venezuela later remained limited before increasing again in 2026 after Washington eased some restrictions on Venezuelan oil. Between April and July 2026, Venezuelan crude accounted for about 4.8% of India’s oil imports, according to the cited data.

Iran’s share also collapsed

A similar pattern was seen with Iranian crude.

Iran was once one of India’s major oil suppliers, providing roughly one-tenth of the country’s oil imports before the United States reimposed broad sanctions on Tehran in 2018.

India subsequently reduced its purchases sharply. The Iranian share fell to around 1% the following year and eventually reached zero, with India recording no Iranian oil imports for several years.

Imports began returning in 2026 after restrictions on Iranian oil sales were partially eased. During April-July, Iranian crude accounted for about 1.1% of India’s oil import bill, according to the data cited in the report.

Russia remains the biggest test

Indian oil refinery + tanker ( photo credit: unsplash)

India’s relationship with Russian oil has been more substantial.

After Russia’s invasion of Ukraine in 2022 and the introduction of Western sanctions, Indian refiners increased purchases of discounted Russian crude. Russia’s share of India’s oil imports subsequently remained around 30%-40% during much of the period from July 2024 to July 2025.

That changed after the United States increased tariff pressure on India over its Russian oil purchases. The share of Russian crude in India’s oil import bill declined to about 19.3% by February 2026, according to the data cited.

However, Russian oil purchases later increased again. Government data cited in the report showed Russia accounting for more than 51% of India’s oil imports in July 2026. The increase coincided with changing U.S. tariff conditions as well as disruptions to energy supplies from the Middle East.

India says energy security remains the priority

The latest developments come as Washington seeks greater restrictions on purchases of Russian energy. The U.S. Congress has passed legislation that could give the president authority to impose tariffs of up to 100% on countries buying Russian oil and gas, including India. The measure still requires further action before any such tariff would automatically apply.

India’s Ministry of External Affairs has said New Delhi remains committed to securing energy supplies for its population and will continue to diversify its sources according to changing market conditions.

For India, the issue involves balancing access to competitively priced crude with the potential economic consequences of sanctions, tariffs and disruptions in global energy markets.