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India's Russian Oil Imports Plummet 40% Amid U.S. Pressure

3/2/2026

40 9 Full Breakdown

Summary

Story summary

India's January imports of Russian oil fell 40% from December and 50% year-on-year, the lowest since June 2022.
The decline results from United States pressure and India's pursuit of a trade deal with Washington.
Saudi Arabia has become India's main oil supplier, with February shipments around 1 to 1.1 million barrels per day.
India plans to import Venezuelan oil, with 6 million barrels scheduled for April.

History

Historical Context

The 1973 Oil Embargo, initiated by OAPEC in response to U.S. support for Israel during the Yom Kippur War, led to a 400% increase in oil prices and significant economic shifts globally. This crisis prompted countries like India to reassess their energy dependencies. Today, India's 40% reduction in Russian oil imports reflects ongoing geopolitical dynamics, echoing the long-term impacts of the 1973 crisis on energy strategies.

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Story summary

India's January imports of Russian oil fell 40% from December and 50% year-on-year, the lowest since June 2022.
The decline results from United States pressure and India's pursuit of a trade deal with Washington.
Saudi Arabia has become India's main oil supplier, with February shipments around 1 to 1.1 million barrels per day.
India plans to import Venezuelan oil, with 6 million barrels scheduled for April.

1 / 2