Russia Proposes Increased Crude Oil and LNG Supply to India

Amid rising global energy market tensions caused by the ongoing crisis in West Asia, Russia has proposed to enhance its supply of crude oil and liquefied natural gas (LNG) to India. The offer was made during meetings held by Denis Manturov, Russia's First Deputy Prime Minister, with Indian officials on April 2, 2026, in New Delhi.

Energy cooperation formed a key part of the discussions between Denis Manturov, National Security Advisor Ajit Doval, and External Affairs Minister S. Jaishankar. Meetings also included talks with Finance Minister Nirmala Sitharaman and a call on Prime Minister Narendra Modi.

According to a Russian statement, Manturov asserted that Russian companies are equipped to increase oil and LNG supplies to the Indian market. This announcement comes as geopolitical tensions in West Asia, primarily linked to disruptions in oil and gas shipments through the Strait of Hormuz, have placed pressure on global energy prices. Notably, the strait is a crucial maritime route that facilitates the transit of approximately 20% of the world's supply of oil and LNG.

India has previously depended significantly on energy imports from West Asia, highlighting this area as a vital source for its energy needs. Data from the Ministry of Commerce and Industry reveals that in January 2026, India imported $1.98 billion worth of crude oil from Russia, marking a decline in Russia's share of Indian oil imports to 19.3%, the lowest since December 2022. This was a decrease from 27.5% in November 2025 and 33% in May 2025.

Despite an interim trade agreement announced by India and the United States on February 7, 2026—wherein no specific mention was made regarding India's imports from Russia—the agreement has not yet been implemented. Nevertheless, in light of the ongoing U.S.-Israel conflict with Iran, India has been increasing its crude oil purchases from Russia following the re-escalation of tensions on February 28.

During the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) meeting, which was co-chaired by Manturov and Jaishankar, broad discussions included enhancing trade, investment, and industrial partnerships. The Russian statement mentioned that measures to facilitate growth in bilateral trade were extensively discussed.

Manturov noted that Russian fertiliser supplies to India increased by 40% by the end of 2025, indicating readiness to continue fulfilling the needs of the Indian market. The Ministry of External Affairs (MEA) confirmed that various topics such as trade, energy, and connectivity were part of the discussions, along with innovation and critical minerals.

The meeting also revisited the outcomes from the 23rd India-Russia Annual Summit held in December 2025, which aimed to strengthen economic partnerships and establish a target of $100 billion in annual trade by 2030. Initiatives include potential collaboration in the civil nuclear energy sector, with Manturov expressing optimistic prospects for increased cooperation in this field.

Both nations exchanged views regarding regional and international developments, encompassing the conflict in West Asia, demonstrating the strategic importance of their bilateral relations in the current geopolitical landscape.