India's oil trade deficit is set to widen sharply in FY27 as rising crude prices, weakening petroleum exports and the country's heavy dependence on imported oil place renewed stress on external balances, according to a report by Crisil. The report, titled "Oil's not well", underlined that India continues to rely heavily on overseas crude supplies, with more than 85 per cent of its annual crude oil requirement met through imports. "India's crude oil trade deficit has been under the pump historically because of having to meet over 85% of its annual requirement from imports," the report said.