India’s crude oil import bill for November 2025 remained stable at $9.9 billion compared to the previous year, despite an 11% increase in the total volume of oil imported. This anomaly occurred because global crude oil prices significantly declined in 2025 due to an international oversupply. During this period, the average price of the Indian basket crude fell to $64.31 per barrel from $73.02 the year prior.
Import volumes for the month rose to 21.1 million tonnes (MT) compared to 18.9 MT in November 2024. Lower energy prices have provided a substantial fiscal cushion for India, which relies on imports for approximately 90% of its crude requirements and 50% of its natural gas needs. Between April and November 2025, the country’s total oil import bill dropped by nearly 12% year-on-year.
Industry analysts expect oil prices to remain muted through 2026 as major producing nations like the US and OPEC+ members compete for market share. Furthermore, a slowdown in global demand growth, partially driven by the rapid expansion of the electric vehicle market in China, continues to exert downward pressure on energy commodity prices.