India’s Energy Import Bill Jumps 82% Due to High Oil Prices

India’s imports of crude and LNG jumped in May from April, as arrivals of non-Middle Eastern cargoes accelerated, and the country's energy import bill soared by nearly 82% from a year earlier amid higher energy prices. India’s crude oil imports rose by 7.5%, and LNG imports jumped by 16% in May from the previous month, according to provisional data from the oil ministry compiled by Indian media. The country paid as much as $18.7 billion on oil and gas imports in May, up by 81.6% compared to the May 2025 energy import bill of $10.3 billion,…

LNG Market Background

The global LNG market has undergone a structural transformation in recent years, with U.S. exports reshaping trade flows and providing consuming nations with greater supply optionality. European buyers have accelerated long-term LNG contracting following the disruption of Russian pipeline gas supplies.

New LNG liquefaction capacity — from the U.S. Gulf Coast, Qatar's North Field expansion, and Australian projects — is expected to add significant supply volumes through the late 2020s, with implications for long-term contract pricing and spot market dynamics.

What to Watch

Stakeholders will be tracking spot LNG cargo pricing in Asian and European markets, liquefaction plant utilization rates, and upcoming long-term supply contract negotiations as global LNG trade flows continue to evolve.