“Oil companies would buy oil based on overall economics, but India can increase its oil and gas imports from the US. Especially gas is very competitive as of now from the US,” said Prashant Vasisht, senior VP and co-group head of ICRA.
In February 2025, a joint statement by Prime Minister Narendra Modi and Trump emphasised making the US a leading supplier of crude oil, petroleum products, and liquefied natural gas (LNG) to India.
India imports 85% of its crude from all over the world, with the US consistently ranking among its top five suppliers.Following the Russia-Ukraine war, India increased its crude purchases from Russia, leading to a fall in imports from the US. Last week, Trump warned of additional tariffs of 25% to 50% on countries buying Russian oil. As per Vortexa data, US crude imports into India rose by 67% in March as against February. At the same time, imports from Russia grew by 11% despite sanctions imposed in January. India’s crude imports from the US reached 244,000 barrels per day (bpd) in March, up from 146,000 bpd in February.