India's crude output fell 3% in FY26, its third straight annual decline, prompting an $8.8 billion offshore exploration push.

India's crude output fell 3% in FY26, its third straight annual decline, prompting an $8.8 billion offshore exploration push.

India's crude oil import bill rose significantly in early 2026-27. Higher global oil prices and supply disruptions increased costs for refiners. Russia remained India's largest…