As the world grapples with a shortage of oil and gas due to the ongoing conflict in Iran, India has managed to maintain its energy stability. Not only is India meeting its domestic energy needs, but it is also supplying oil to neighboring countries like Bangladesh, Sri Lanka, and Nepal under its 'Neighborhood First' policy. The question arises: why has India not faced an energy crisis? The answer lies in its strong partnership with Russia, which has significantly increased its oil and gas exports to India. In March 2026, India's imports from Russia surged to nearly double compared to February.
India and Russia Find Alternatives Amidst Supply Disruptions
Due to the closure of the Strait of Hormuz, oil and gas imports have been inconsistent. In response, India has ramped up its purchases from Russia, taking advantage of a 30-day waiver on Russian oil from the United States. Statistics reveal that India's oil imports from Russia have doubled, with daily crude oil purchases rising from 1.06 million barrels in February 2026 to 2.06 million barrels in March. Additionally, Russia has assured India of increased LPG supplies. During a visit to India, Russian Deputy Prime Minister Denis Manturov stated that Russia is committed to assisting India during this energy crisis.
Strengthened Ties with Russia Amidst War
The ongoing conflict has led to a decline in oil and gas imports from Middle Eastern countries such as Iran, Iraq, Kuwait, and Saudi Arabia. While imports from these nations have decreased, India has increased its purchases from Russia. Russian companies are now prepared to enhance the supply of oil and liquefied natural gas to the Indian market. Previously, India had distanced itself from Russian oil due to U.S. sanctions and a 25% tariff. However, following the onset of the conflict on February 28 and the lifting of U.S. sanctions, oil supplies between India and Russia have surged to record levels, reaching 2.06 million barrels in March 2026, close to the 2.15 million barrels seen in May 2022.
Why Did the Iranian Oil Ship Change Course Towards China?
In a surprising turn, an Iranian oil ship, Ping Shun, which was set to deliver 600,000 tons of oil to India after seven years, has altered its route. According to a Bloomberg report, the vessel was expected to arrive at Gujarat's port on April 4 but has now redirected towards Dongying, China. This change is attributed to payment issues affecting the delivery of Iranian oil.