New Delhi, July 29 -- India's oil and gas sector is undergoing a strategic transformation amid a fast-changing global landscape marked by shifting alliances, sanctions, and rising geopolitical uncertainty, according to the recent Rubix Industry Insights report.

In a significant shift, Russian oil now dominates India's crude basket, accounting for about 35 per cent of total imports in Financial Year (FY) 2025, it was mere just 2 per cent in FY2020. The value of these imports has surged at a 96 per cent of compound annual growth rate (CAGR) over the past five years.

This rebalancing is driven mainly by cost advantages and alternative transport routes that bypass the volatile Strait of Hormuz. Meanwhile, the share of Middle Eastern supplie...