The numbers

In August 2026, Russia, the US and the UAE together accounted for 66.8% of India’s total oil import volume and 67.8% of its oil import bill, according to the data reported. Russia remained India’s top supplier at about 44%, down from a historic high in July. Because the three-country total reached a new high even with Russia’s share falling, the US and the UAE must have gained ground. By simple arithmetic, the two together made up roughly 23%, though we have not seen the exact split between them.

Note that the share of the import bill (67.8%) is higher than the share of volume (66.8%). The reports link that to the fact that US oil cost considerably more than the average, so the US share weighed more heavily in rupees than in barrels.

Russia’s share: from a record down to 44%

July was extraordinary. Tracking-firm data put Russia’s share of India’s crude imports at about 56% in July, the highest share for a single supplier in over a decade. In August, Russian volumes fell to about 2.1 million barrels per day from roughly 2.8 million in July, and the share dropped to 44–45%. Russia is still easily the largest supplier, but the retreat from July’s peak shows how fast India’s sourcing can move.

Why the mix is shifting

Several forces are pulling on India’s oil basket at once:

• The Middle East conflict and Hormuz. Disruption around the Strait of Hormuz has made Gulf supplies less certain, while India imports nearly half its LNG and a large part of its crude from West Asia.
• Pressure over Russian oil. The US has used tariff threats and trade-deal promises to push India to cut Russian crude, even as global supply is tight enough to make a quick switch hard.
• New suppliers. Tracking data showed Venezuelan crude imports rising to a five-year high in August, as Indian refiners spread their risk.
• Competition for barrels. One report said China has been outbidding India for some Russian supply.

India’s total oil imports also fell in August, to roughly 4.5 to 4.7 million barrels per day from about 5.05 million in July, according to tracking firms, so the shift happened alongside a smaller total.

Why concentration matters

Depending heavily on a few suppliers carries real risks. A disruption at one source, a sanction, a shipping problem or a price spike in one market can hit India harder when so much volume comes from so few places. On the other hand, large suppliers can offer scale and discounts that a more scattered basket cannot match. The trade-off between security of supply, cost and diversification is at the heart of India’s energy policy, and the August data shows the balance tilting towards concentration.

What it means for consumers and the economy

The reports we reviewed do not link the August figures to any change in petrol, diesel or LPG prices, and we are not suggesting one. The more immediate effect is on the import bill and on India’s exposure to the politics of three very different suppliers: a country under Western sanctions, a trade partner pressing India on tariffs, and a Gulf producer exposed to regional risk.

What we don’t know

The reports do not give the exact US and UAE shares, and different data providers measure “oil imports” differently, so the numbers can differ by source. Tracking firms such as Kpler, OPEC’s reports, and government import data do not match exactly. We have flagged which figures come from which source, and we recommend checking against official data before relying on any one number.

What happens next

September and October data will show whether Russia’s share recovers, whether Venezuela and others keep growing, and whether the concentration eases.

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