Imports Of Russian Oil To India Have Plummeted

Indian refineries are actively seeking alternatives, fearing U.S. sanctions.

India significantly reduced its imports of Russian oil in August, and another decline is expected in September. According to Kpler, shipments from Russia fell by 16.5% compared to July—to approximately 2.1 million barrels per day. This month, the volume could drop to 1.9 million barrels, the agency reports Reuters (translation by Charter97.org).

Despite the decline, Russia remains the top supplier of oil to India. It is followed by the United Arab Emirates and Venezuela. At the same time, India’s total oil imports in August fell by 8.8% to 4.44 million barrels per day.

Indian refineries are increasing purchases from other producers amid tensions surrounding the Strait of Hormuz. ADNOC has increased shipments from its storage facilities in Fujairah and Suhar and is also reselling oil from other countries.

Purchases of Iraqi oil rose by about a quarter, to 171,000 barrels per day. Supplies from Saudi Arabia increased by 1.5%, to 328,000 barrels, while imports from the UAE fell by 5.4%—to 620,000 barrels per day.

Indian refineries are also becoming more active in the spot market, purchasing crude in advance for October and November. The reason is the possibility of new U.S. measures against buyers of Russian oil.

“India is committed to energy security and diversification of supplies,” New Delhi states.

“Indian companies fear that the imposition of U.S. tariffs of up to 100% could force them to cut their purchases of Russian oil even further,” the agency reports.

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