India posts $49.66bn crude import bill amid West Asia conflict
Business
India just racked up a record $49.66 billion crude oil import bill in the first quarter of fiscal 2027, mainly because the West Asia conflict (since February 2026) shook up global supplies.
The country imported 60.48 million metric tons, up a huge 61% from last year, with the weak rupee making things pricier than ever.
Analysts expect oil surplus January 2027
Oil prices spiked to $136.68 per barrel in March but cooled off to around $81 by late July.
Even with these wild price swings, India's reliance on imports stayed high at 89.1%.
There's some good news though: analysts expect oil supplies to recover and move into surplus by January 2027, which could finally bring some relief on prices and the import bill as early as January 2027.