New Delhi [India], January 29 : The Economic Survey 2026 has highlighted a notable increase in terms of imports of crude oil from the United States (US) as compared to Russia in the Financial Year 2026 (April-November).
"A notable increase in the diversity of countries from which India imports crude oil has been observed. In FY26 (April-November), crude oil imports from Libya, Egypt, Brazil, the US and Brunei increased significantly compared to the same period in FY25, while those from Russia, Saudi Arabia, Iraq and Venezuela declined," the Economic Survey said.
Although imports from other countries account for a significant portion of India's crude oil imports, the shares of the US, Egypt, UAE, Nigeria and Libya have increased, it said.
Between April-November 2025, the share of imports from the US increased to 8.1 per cent from 4.6 per cent in the same period in FY25, while UAE's share increased to 11.1 per cent from 9.4 per cent, Egypt's share increased to 1.4 per cent from 0.3 per cent, Nigeria's share increased to 3.3 per cent from 2.2 per cent and Libya's share increased to 0.5 per cent from 0.1 per cent, the Economic Survey highlighted.
"The foregoing section discusses the country's resilient and robust merchandise trade performance. Nevertheless, these outcomes also point to a larger opportunity: sustaining export momentum will require diversification towards higher-value, more sophisticated products and new destinations," it said.
It further highlighted that the rupee is punching below its weight. "Of course, it does not hurt to have an undervalued rupee in these times, as it offsets to some extent the impact of higher American tariffs on Indian goods, and there is no threat of higher inflation from higher-priced crude oil imports now."
In FY25, the Economic Survey said, the exports of petroleum products declined by 24.7 per cent (YoY), amid softer crude oil prices, which fell by 15.4 per cent (YoY).