Reuters: India's Russian Oil Imports To Fall To Lowest In December

Because of U.S. sanctions.

In December, India's Russian oil imports will reach their lowest level in three years.

This is reported by Reuters.

The reason is that Indian refineries are switching to alternative sources of supply to avoid violating U.S. sanctions.

Russian oil buyers had until Nov. 21 to cut ties with Rosneft and Lukoil because of sanctions. Bank controls have forced the state-owned refineries to act "extremely cautiously," the sources added. India is expected to receive 600,000-650,000 barrels of Russian crude per day in December, up from 1.87 million bpd in November.

Most Indian refineries, including Mangalore Refinery and Petrochemicals Ltd, Hindustan Petroleum Corp and HPCL-Mittal Energy Ltd, have stopped buying Russian crude. State-owned Indian Oil Corp and Bharat Petroleum Corp have limited purchases to non-sanctioned entities.

Nayara Energy, partly owned by Rosneft, continues to process Russian crude exclusively, while Reliance Industries Ltd handles "pre-ordered" shipments and plans to process any additions after Nov. 20 at its refinery for the domestic market.

The share of U.S. crude in India's imports in October reached its highest level since June 2024 as refineries took advantage of the arbitrage opportunity.

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