US crude oil exports to India jump as July 9 trade treaty deadline nears

India increased imports of all products from the United States by 27 per cent in value terms during the first two months of FY26, driven largely by a 38 per cent surge in crude oil purchases led by state-run Indian Oil Corporation (IOC).

- BY S VENKAT NARAYAN

The spike comes ahead of the July 9 deadline to conclude the first phase of a bilateral trade agreement, according to exclusive shipping and customs data published by Business Standard newspaper today.

The rise in imports may help convince the administration of President Donald Trump of India’s intent to expand energy trade with the US—despite the fact that American crude is, on average, $7-8 per barrel (around 10 per cent) costlier than discounted Russian or Iraqi grades, based on customs data estimates.

Total imports from the US stood at $8.9 billion in April-May 2025, up from $7 billion in the same period a year earlier, Indian customs data showed. While May figures for US crude are not yet available, April data show that oil accounted for 42 per cent of the $5.2 billion in total US imports that month—highlighting energy’s centrality in India’s trade basket with the US.