India crude imports hit 5.54 million b/d in October with UAE supply rising

India's crude imports reached an all-time high of 5.54 million barrels per day in October 2026, up 9 percent from September and from October 2025, according to data from S&P Global Commodities at Sea published November 3. The UAE has emerged as one of India's major suppliers, providing approximately 15 percent of total crude oil imports, India's Ministry of Petroleum and Natural Gas stated November 5. Russian crude flows to India stood at nearly 2.1 million b/d in October, down from a peak of 2.43 million b/d in June, while arrivals from the Middle East, the United States and Angola increased.

Refiners adopt delivered-basis procurement#

Indian state-run refiners are increasingly purchasing crude on a cost, insurance and freight basis rather than free on board terms, as geopolitical tensions drive sharp swings in freight and insurance costs, petroleum ministry officials and refiners said October 26. Under CIF arrangements, sellers cover the cost and risk of transporting crude to the buyer's destination, allowing Indian refiners to secure a more predictable landed cost and avoid exposure to sudden increases in freight rates. Platts assessed Dirty Black Sea to West Coast India freight at a lumpsum of 28 million dollars on October 30, nearly double the year-to-date average of 14.5 million dollars. Hindustan Petroleum Corp. Chairman Vikas Kaushal told an investor call October 23 that the state-run refiner was looking at buying crude on a landed basis, except when it could send a vessel to pick up cargoes at a relatively lower cost.

UAE energy supplies to India#

The UAE is providing about 15 to 20 percent of India's total energy imports, including 25 percent of liquefied petroleum gas, 10 percent of liquefied natural gas and 15 percent of crude oil, Neeraj Mittal, Secretary of India's Ministry of Petroleum and Natural Gas, stated in an interview published November 5. India has expanded its crude oil imports to about 43 countries amid disruption to supplies through the Strait of Hormuz, with the UAE emerging as one of its major suppliers, Mittal said. During Indian Prime Minister Narendra Modi's visit to the UAE in May, Adnoc signed an agreement with Indian Strategic Petroleum Reserves to expand its crude oil storage capacity in India to 30 million barrels, with a potential crude storage opportunity in Fujairah.

October import drivers and freight economics#

Refiners built supplies ahead of festival demand and processed higher volumes for middle distillate exports to international markets facing supply tightness, industry sources and analysts said November 3. The monthly average of 5.54 million b/d surpassed the previous high of 5.50 million b/d imported in March 2025, according to S&P Global Commodities at Sea. An October 16 US waiver reduced the immediate risk of additional measures affecting buyers of Russian crude, though it has no specified expiry and can be withdrawn, while existing Russia-related sanctions leave importers exposed to renewed policy pressure, said Saransh Katiyar, liquid bulk analyst at Commodities at Sea. Transatlantic arbitrage economics supported additional US crude flows into India, while increased liftings of Angolan heavy-sweet grades also contributed to the October rise, analysts said.