The Oil Ministry official said India never stopped buying Russian oil - it imported some 1.04 million bpd of Russian crude in February, down from 1.6-1.8 million bpd levels seen in 2023-25. International crude oil prices have jumped to over ₹92 per barrel from around ₹70 when the U.S. and Israel attacked Iran on February 28. In February 2026, India received 2.8 million bpd crude, accounting for 53% of total imports, from Iraq, Saudi Arabia, the United Arab Emirates, Kuwait and Qatar. For the world, around 15 million bpd of crude and 5 million bpd of oil products passed through the Strait of Hormuz in 2025. Imports from Russia averaged around 1.15 million bpd in the first two months of 2026, compared with about 1.7 million bpd in 2025.

Source: The Hindu March 08, 2026 16:11 UTC