India Hikes U.S. Crude Oil Imports by 67% in March

India Hikes U.S. Crude Oil Imports by 67% in March | OilPrice.com

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Breaking News:

ByTsvetana Paraskova– Apr 02, 2025, 7:30 AM CDT

India’s crude oil imports from the United States jumped by 67% in March from a month earlier as Indian refiners scrambled to replace Russian volumes and the U.S. pushed for India and other major trade partners to buy more American energy.

India’s U.S. crude oil imports thus jumped to about 244,000 barrels per day (bpd) last month, up from 146,000 bpd in February, Indian outlet Economic Times reports, citing data from energy cargo tracking firm Vortexa.

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India is now buying more U.S. oil as the country is looking to reduce its huge trade surplus with the United States.

India is even weighing the option to scrap its import tax on American liquefied natural gas to increase U.S. LNG imports and reduce its trade surplus with the United States, sources from Indian industry and government told Reuters last week.

India will aim to buy more American oil and LNG to reduce the surplus and avoid potential tariffs from President Trump, the fast-growing Asian economy said in February.

India is likely to significantly increase its energy purchases from the U.S., India’s Foreign Secretary Vikram Misri said in February in Washington after a meeting between President Trump and Indian Prime Minister Narendra Modi.

“I think we purchased about $15 billion in US energy output,” Bloomberg quoted Misri as telling a news conference.

“There is a good chance that this figure will go up as much as $25 billion,” the Indian official added.

While India’s crude oil imports from the U.S. jumped in March, imports of Russian crude also rose by 11% from February to 1.66 million bpd last month, according to the data reported by Economic Times.

Following lower purchases earlier this year in the immediate aftermath of the January U.S. sanctions on Russia’s oil trade, Indian imports of Russian crude rebounded in March. Traders booked more non-sanctioned tankers to deliver crude to India, while the price of Russia’s flagship Urals grade dropped last month to below the $60 per barrel price cap by the G7, allowing shipments involving Western companies.

India will continue to buy Russian oil if it is sold below the $60 per barrel price cap and delivered on non-sanctioned tankers and without any involvement of sanctioned companies or individuals, Indian officials have said.

By Tsvetana Paraskova for Oilprice.com

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