India Resumes Iranian Oil Imports After Seven-Year Hiatus | 2026 Update – News and Statistics


Apr 11, 2026

According to a report from Oilprice.com, India is anticipated to take delivery of its first shipment of Iranian crude oil this week. This follows a decision by the United States last month to permit the purchase of Iranian oil that was already loaded onto tankers.

Vessel-tracking data indicates the world’s third-largest crude importer will receive the cargo in the near future. The U.S. action last month, which also included waivers for Russian crude, was described as an attempt to address rising international oil prices.

India halted imports from Iran in 2019 to adhere to U.S. sanctions. The country currently relies on Middle Eastern producers for roughly half of its crude purchases, but supply from the region has faced significant constraints recently due to the closure of the Strait of Hormuz.

In response to reports that a tanker carrying Iranian oil diverted to China, India’s Ministry of Petroleum and Natural Gas stated that refiners have secured their crude requirements, including from Iran, and that no payment obstacles exist. The ministry emphasized that companies have flexibility to source oil based on commercial factors and that the nation’s crude oil needs are fully secured for the coming months.

Alongside resuming Iranian imports, India has also substantially increased purchases of Russian crude, aided by a separate U.S. waiver. Imports of Russian oil rose sharply in March compared to February, following major Middle East supply disruptions and the U.S. authorization.

Interactive table based on the Store Companies dataset for this report.


# Company Headquarters Focus Scale Note
1 Oil and Natural Gas Corporation (ONGC) Dehradun, Uttarakhand Exploration & production National Largest producer
2 Reliance Industries Limited Mumbai, Maharashtra Oil & gas, petrochemicals Major KG-D6 block
3 Oil India Limited (OIL) Duliajan, Assam Exploration & production National Second largest NOC
4 Vedanta Limited – Cairn Oil & Gas Mumbai, Maharashtra Oil & gas exploration Major Largest private producer
5 Hindustan Petroleum Corporation Ltd Mumbai, Maharashtra Refining & marketing Major Upstream assets
6 Bharat Petroleum Corporation Ltd Mumbai, Maharashtra Refining & marketing Major Upstream assets
7 Indian Oil Corporation Ltd New Delhi Refining & marketing Major Upstream assets
8 Sun Petrochemicals Pvt Ltd Mumbai, Maharashtra Petrochemicals, upstream Medium Exploration interests
9 Gujarat State Petroleum Corporation Gandhinagar, Gujarat Exploration & production Medium State PSU
10 Selan Exploration Technology Ltd Gurugram, Haryana Oil & gas exploration Small Onshore blocks
11 Hindustan Oil Exploration Company Chennai, Tamil Nadu Oil & gas exploration Small Independent E&P
12 Great Eastern Energy Corp Ltd Gurugram, Haryana Coal bed methane Small CBM producer
13 Essar Oil and Gas Exploration Mumbai, Maharashtra Oil & gas exploration Medium Part of Essar
14 Adani Welspun Exploration Ltd Ahmedabad, Gujarat Oil & gas exploration Medium Joint venture
15 Mercator Petroleum Ltd Mumbai, Maharashtra Oil & gas exploration Small Onshore blocks
16 GeoGlobal Resources Inc India Gandhinagar, Gujarat Oil & gas exploration Small KG basin interests
17 Nayara Energy Mumbai, Maharashtra Refining & marketing Major Upstream interests
18 Jindal Petroleum Ltd Hisar, Haryana Oil & gas exploration Medium Part of Jindal Group
19 Deep Industries Ltd Ahmedabad, Gujarat Oilfield services, E&P Small Marginal field operator
20 Gujarat Gas Ltd Ahmedabad, Gujarat Gas distribution Medium Upstream assets
21 Shiv-Vani Oil & Gas Exploration Noida, Uttar Pradesh Oilfield services, E&P Medium Marginal fields
22 Focus Energy Ltd Noida, Uttar Pradesh Oil & gas exploration Small Rajasthan block
23 Punj Lloyd (Upstream Division) Gurugram, Haryana Engineering, E&P Medium Exploration assets
24 Tamil Nadu Petroproducts Ltd Chennai, Tamil Nadu Petrochemicals Small Upstream interests
25 Asian Oilfield Services Ltd Dehradun, Uttarakhand Oilfield services, E&P Small Marginal fields
26 Abhinandan Investments Ltd Kolkata, West Bengal Investment, upstream Small Oil & gas assets
27 Krishna Godavari Basin Consortium Mumbai, Maharashtra Exploration consortium Medium Multiple partners
28 South Asian Petrochem Ltd Kolkata, West Bengal Petrochemicals Small Upstream interests
29 Uttaranchal Jal Vidyut Nigam Ltd Dehradun, Uttarakhand Power, upstream Small Oil & gas assets
30 Dharamsi Morarji Chemical Co Mumbai, Maharashtra Chemicals Small Historical upstream interests

This report provides a comprehensive view of the crude oil industry in India, tracking demand, supply, and trade flows across the national value chain. It explains how demand across key channels and end-use segments shapes consumption patterns, while also mapping the role of input availability, production efficiency, and regulatory standards on supply.

Beyond headline metrics, the study benchmarks prices, margins, and trade routes so you can see where value is created and how it moves between domestic suppliers and international partners. The analysis is designed to support strategic planning, market entry, portfolio prioritization, and risk management in the crude oil landscape in India.

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Key findings

  • Domestic demand is shaped by both household and industrial usage, with trade flows linking local supply to imports and exports.
  • Pricing dynamics reflect unit values, freight costs, exchange rates, and regulatory shifts that affect sourcing decisions.
  • Supply depends on input availability and production efficiency, creating a distinct national cost curve.
  • Market concentration varies by segment, creating different competitive landscapes and entry barriers.
  • The 2035 outlook highlights where capacity investment and demand growth are most aligned within the country.

Report scope

The report combines market sizing with trade intelligence and price analytics for India. It covers both historical performance and the forward outlook to 2035, allowing you to compare cycles, structural shifts, and policy impacts.

  • Market size and growth in value and volume terms
  • Consumption structure by end-use segments
  • Production capacity, output, and cost dynamics
  • Trade flows, exporters, importers, and balances
  • Price benchmarks, unit values, and margin signals
  • Competitive context and market entry conditions

Product coverage

Country coverage

Country profile and benchmarks

This report provides a consistent view of market size, trade balance, prices, and per-capita indicators for India. The profile highlights demand structure and trade position, enabling benchmarking against regional and global peers.

Methodology

The analysis is built on a multi-source framework that combines official statistics, trade records, company disclosures, and expert validation. Data are standardized, reconciled, and cross-checked to ensure consistency across time series.

  • International trade data (exports, imports, and mirror statistics)
  • National production and consumption statistics
  • Company-level information from financial filings and public releases
  • Price series and unit value benchmarks
  • Analyst review, outlier checks, and time-series validation

All data are normalized to a common product definition and mapped to a consistent set of codes. This ensures that comparisons across time are aligned and actionable.

Forecasts to 2035

The forecast horizon extends to 2035 and is based on a structured model that links crude oil demand and supply to macroeconomic indicators, trade patterns, and sector-specific drivers. The model captures both cyclical and structural factors and reflects known policy and technology shifts in India.

  • Historical baseline: 2012-2025
  • Forecast horizon: 2026-2035
  • Scenario-based sensitivity to income growth, substitution, and regulation
  • Capacity and investment outlook for major producing companies

Each projection is built from national historical patterns and the broader regional context, allowing the report to show where growth is concentrated and where risks are elevated.

Price analysis and trade dynamics

Prices are analyzed in detail, including export and import unit values, regional spreads, and changes in trade costs. The report highlights how seasonality, freight rates, exchange rates, and supply disruptions influence pricing and margins.

  • Price benchmarks by country and sub-region
  • Export and import unit value trends
  • Seasonality and calendar effects in trade flows
  • Price outlook to 2035 under baseline assumptions

Profiles of market participants

Key producers, exporters, and distributors are profiled with a focus on their operational scale, geographic footprint, product mix, and market positioning. This helps identify competitive pressure points, partnership opportunities, and routes to differentiation.

  • Business focus and production capabilities
  • Geographic reach and distribution networks
  • Cost structure and pricing strategy indicators
  • Compliance, certification, and sustainability context

How to use this report

  • Quantify domestic demand and identify the most attractive segments
  • Evaluate export opportunities and prioritize target destinations
  • Track price dynamics and protect margins
  • Benchmark performance against leading competitors
  • Build evidence-based forecasts for investment decisions

This report is designed for manufacturers, distributors, importers, wholesalers, investors, and advisors who need a clear, data-driven picture of crude oil dynamics in India.

FAQ

What is included in the crude oil market in India?

The market size aggregates consumption and trade data, presented in both value and volume terms.

How are the forecasts to 2035 built?

The projections combine historical trends with macroeconomic indicators, trade dynamics, and sector-specific drivers.

Does the report cover prices and margins?

Yes, it includes export and import unit values, regional spreads, and a pricing outlook to 2035.

Which benchmarks are included?

The report benchmarks market size, trade balance, prices, and per-capita indicators for India.

Can this report support market entry decisions?

Yes, it highlights demand hotspots, trade routes, pricing trends, and competitive context.

  1. 1. INTRODUCTION

    Report Scope and Analytical Framing

    1. Report Description
    2. Research Methodology and the Analytical Framework
    3. Data-Driven Decisions for Your Business
    4. Glossary and Product-Specific Terms
  2. 2. EXECUTIVE SUMMARY

    Concise View of Market Direction

    1. Key Findings
    2. Market Trends
    3. Strategic Implications
    4. Key Risks and Watchpoints
  3. 3. DOMESTIC MARKET SIZE AND DEVELOPMENT PATH

    Market Size, Growth and Scenario Framing

    1. Market Size: Historical Data (2012-2025) and Forecast (2026-2035)
    2. Growth Outlook and Market Development Path to 2035
    3. Growth Driver Decomposition
    4. Scenario Framework and Sensitivities
  4. 4. CATEGORY SCOPE, DEFINITIONS AND BOUNDARIES

    Commercial and Technical Scope

    1. What Is Included and How the Market Is Defined
    2. Market Inclusion Criteria
    3. Product / Category Definition
    4. Exclusions and Boundaries
    5. Distinction From Adjacent Products and Substitute Categories
  5. 5. CATEGORY STRUCTURE, SEGMENTATION AND PRODUCT MATRIX

    How the Market Splits Into Decision-Relevant Buckets

    1. By Product Type / Configuration
    2. By Application / End Use
    3. By Customer / Buyer Type
    4. By Channel / Business Model / Technology Platform
    5. Segment Attractiveness Matrix
    6. Product Matrix and Segment Growth Logic
  6. 6. DOMESTIC DEMAND, CUSTOMER AND BUYER ARCHITECTURE

    Where Demand Comes From and How It Behaves

    1. Consumption / Demand: Historical Data (2012-2025) and Forecast (2026-2035)
    2. Demand by End-Use and Buyer Group
    3. Demand by Customer / Consumer Segment
    4. Purchase Criteria, Switching Logic and Adoption Barriers
    5. Replacement, Replenishment and Installed-Base Dynamics
    6. Future Demand Outlook
  7. 7. DOMESTIC PRODUCTION, SUPPLY AND VALUE CHAIN

    Supply Footprint and Value Capture

    1. Production in the Country
    2. Domestic Manufacturing Footprint
    3. Capacity, Bottlenecks and Supply Risks
    4. Value Chain Logic and Margin Pools
    5. Distribution and Route-to-Market Structure
  8. 8. IMPORTS, EXPORTS AND SOURCING STRUCTURE

    Trade Flows and External Dependence

    1. Exports
    2. Imports
    3. Trade Balance
    4. Import Dependence
    5. Sourcing Risks and Resilience
  9. 9. PRICING, PROMOTION AND COMMERCIAL MODEL

    Price Formation and Revenue Logic

    1. Domestic Price Levels and Corridors
    2. Pricing by Segment / Specification / Channel
    3. Cost Drivers and Margin Logic
    4. Promotion, Discounting and Procurement Patterns
    5. Revenue Quality and Commercial Levers
  10. 10. COMPETITIVE LANDSCAPE AND PORTFOLIO POWER

    Who Wins and Why

    1. Market Structure and Concentration
    2. Competitive Archetypes
    3. Segment-by-Segment Competitive Intensity
    4. Portfolio Breadth and Product Positioning
    5. Capability Matrix
    6. Strategic Moves, Partnerships and Expansion Signals
  11. 11. DOMESTIC MARKET STRUCTURE AND CHANNEL LOGIC

    How the Domestic Market Works

    1. Core Demand Centers
    2. Local Production and Distribution Roles
    3. Channel Structure
    4. Buyer and Procurement Architecture
    5. Regional Imbalances Within the Country
  12. 12. GROWTH PLAYBOOK AND MARKET ENTRY

    Commercial Entry and Scaling Priorities

    1. Where to Play
    2. How to Win
    3. Distributor / Partner / Direct Entry Options
    4. Capability Thresholds
    5. Entry Risks and Mitigation
  13. 13. WHERE TO PLAY NEXT: MOST ATTRACTIVE GROWTH OPPORTUNITIES

    Where the Best Expansion Logic Sits

    1. Most Attractive Product Niches
    2. Most Attractive Customer Segments
    3. White Spaces and Unsaturated Opportunities
    4. High-Margin and Underpenetrated Pockets
    5. Most Promising Product Adjacencies
  14. 14. PROFILES OF MAJOR COMPANIES

    Leading Players and Strategic Archetypes

    1. Leading Manufacturers and Suppliers
    2. Production Footprint and Capacities
    3. Product Portfolio and Segment Focus
    4. Pricing Positioning and Indicative Price Logic
    5. Channel / Distribution Strength
    6. Strategic Archetypes
  15. 15. METHODOLOGY, SOURCES AND DISCLAIMER

    How the Report Was Built

    1. Modeling Logic
    2. Source Register
    3. Publications, Regulatory and Industry References
    4. Analytical Notes
    5. Disclaimer

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Oil and Natural Gas Corporation (ONGC)

Largest producer

Reliance Industries Limited

KG-D6 block

Oil India Limited (OIL)

Second largest NOC

Vedanta Limited – Cairn Oil & Gas

Largest private producer

Hindustan Petroleum Corporation Ltd

Upstream assets

Bharat Petroleum Corporation Ltd

Upstream assets

Indian Oil Corporation Ltd

Upstream assets

Sun Petrochemicals Pvt Ltd

Exploration interests

Gujarat State Petroleum Corporation

State PSU

Selan Exploration Technology Ltd

Onshore blocks

Hindustan Oil Exploration Company

Independent E&P

Great Eastern Energy Corp Ltd

CBM producer

Essar Oil and Gas Exploration

Part of Essar

Adani Welspun Exploration Ltd

Joint venture

Mercator Petroleum Ltd

Onshore blocks

GeoGlobal Resources Inc India

KG basin interests

Nayara Energy

Upstream interests

Jindal Petroleum Ltd

Part of Jindal Group

Deep Industries Ltd

Marginal field operator

Gujarat Gas Ltd

Upstream assets

Shiv-Vani Oil & Gas Exploration

Marginal fields

Focus Energy Ltd

Rajasthan block

Punj Lloyd (Upstream Division)

Exploration assets

Tamil Nadu Petroproducts Ltd

Upstream interests

Asian Oilfield Services Ltd

Marginal fields

Abhinandan Investments Ltd

Oil & gas assets

Krishna Godavari Basin Consortium

Multiple partners

South Asian Petrochem Ltd

Upstream interests

Uttaranchal Jal Vidyut Nigam Ltd

Oil & gas assets

Dharamsi Morarji Chemical Co

Historical upstream interests

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