Notable increase in India’s oil sources: CEA highlights in Economic Survey

There has been a “notable increase” successful the fig of countries from wherever India imports crude oil, Chief Economic Advisor C. Anantha Nageswaran states successful the latest Economic Survey.

According to him, until November successful the fiscal twelvemonth 2026, crude lipid imports from Libya, Egypt, Brazil, United States and Brunei person accrued “significantly” arsenic compared to the aforesaid play past year. Mr. Nageswaran added that the uptick is alongside a diminution successful imports from Russia, Saudi Arabia, Iraq and Venezuela.

The inclination is peculiarly successful enactment with New Delhi’s propulsion for diversification of sources for procuring crude lipid seeking to cushion itself amidst planetary geopolitical uncertainties.

The Chief Economic Advisor besides observed, “Although imports from different countries relationship for a important information of India’s crude lipid imports, the shares of the U.S., Egypt, UAE, Nigeria and Libya person increased.”

According to Mr. Nageswaran, betwixt April and November successful the ongoing fiscal year, U.S.’ stock successful India’s imports handbasket spurred to 8.1% from 4.6% successful the compared play past fiscal. Further, United Arab Emirates’ stock accrued from 9.4% to 11.1%, Libya from 0.1% to 0.5%, Egypt from 0.3% to 1.4% and Nigeria from 2.2% to 3.3%.