Russian oil imports, prices jump; U.S. share goes down, Pg1

Key Highlights:

• India's oil imports from Russia reached an 11-month high of nearly 38% of total import value in April 2026.
• The premium charged by Russia for its oil increased by 425% in April 2026 compared to March.
• India's total oil import bill surged by 61.3% to $15.4 billion in April 2026.
• Oil imports from the U.S. dropped to multi-month lows in both value and volume during April 2026.

Detailed Insights:

• India's increasing reliance on Russian oil is observed against the backdrop of the ongoing West Asia crisis.
• In terms of volume, Russian oil constituted about 34% of India's crude imports in April, while its value share was higher due to increased prices.
• India's total oil imports rebounded to 195.3 lakh tonnes in April 2026, marking a 23% increase over March.
• India paid $864.9 per tonne for Russian oil in April, significantly higher than the overall average of $787.1 per tonne for all imports.
• This resulted in a premium of $77.8 per tonne for Russian oil in April, a substantial rise from the $14.8 per tonne premium in March.
• The U.S. accounted for only 2.9% of India's oil import bill and 3.8% of the volume in April, both representing eight-month lows.

Key Concepts Involved:

• Crude Oil Imports: The purchase of unrefined petroleum from other countries for domestic processing into various fuels and products.
• Premium (Oil Pricing): An additional cost paid above the standard or average market price for a commodity, reflecting specific market conditions or supplier terms.
• West Asia Crisis: Refers to the geopolitical instability and conflicts in the Middle East region, which often impact global energy markets and supply chains.