New Delhi: Rosneft remains the largest supplier of Russian crude to India despite US sanctions taking effect last month, with Moscow’s top exporter continuing to ship large volumes to Reliance Industries, Indian Oil, and Nayara Energy in December.
Rosneft supplied 820,000 barrels per day (bpd) to Indian refiners in the first fortnight of December, according to Kpler, a global real-time data and analytics provider. It accounted for about 70 per cent of India’s total oil imports of 1.15 million barrels per day (mbd) from Russia in the same period.
Indian refiners didn’t procure any crude from Lukoil, another sanctioned entity. Lesser-known Russian suppliers RusExport, MorExport, Zarubezhneft, and Rusvietpetro emerged as new exporters, together supplying 330,000 bpd in December.
Among the refiners, state-run Indian Oil was the largest buyer of Russian crude in December, importing 400,000 bpd, followed by Reliance Industries at 366,000 bpd. Nayara bought 228,000 bpd, while state-run BPCL received 155,000 bpd. HPCL, HMEL, and MRPL did not procure any Russian volumes. “Indian buyers, mostly Reliance Industries, have indeed been buying a larger share of Rosneft’s supply compared to Nayara,” according to Kpler.
“These are part of pre-existing transactions which are getting wound down in a sanction-compliant manner,” said a spokesperson for RIL.
A person familiar with RIL’s crude sourcing plans, however, said the company has not loaded any Russian cargoes after 12 November.
Indian Oil and Nayara did not respond to ET’s queries.
Rosneft’s continued supply to Nayara is anticipated, as Russian crude has been the Gujarat-based refiner’s sole source since facing EU sanctions from last July over its 49 per cent Rosneft ownership.
The US imposed sanctions on Rosneft and Lukoil from October 22, allowing a month to conclude all cargo receipts and payments.
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“These are part of pre-existing transactions which are getting wound down in a sanction-compliant manner,” said a spokesperson for RIL. A person familiar with RIL’s crude sourcing plans, however, said the company has not loaded any Russian cargoes after 12 November. Indian Oil and Nayara did not respond to ET’s queries.
Rosneft’s continued supply to Nayara is anticipated, as Russian crude has been the Gujarat-based refiner’s sole source since facing EU sanctions from last July over its 49 per cent Rosneft ownership. The US imposed sanctions on Rosneft and Lukoil from October 22, allowing a month to conclude all cargo receipts and payments.
Following the announcement, several Indian refiners said they would not transact with the sanctioned entities. Plentiful supplies from Rosneft this month would test US resolve to enforce sanctions—key to President Donald Trump’s plan to push for a Ukraine peace deal.
“Looking ahead, we see the US not enforcing the sanctions on India and China too strongly, especially with President Trump’s desire to keep gasoline prices low next year,” said Naveen Das, senior crude oil analyst at Kpler.
At 1.15 mbd, Russian oil imports in the first half of December are sharply lower than 1.8 mbd in November. “This shift would effectively reduce the share of Russian crude in India’s overall slate to around 25 per cent, a level last seen in 2022 when Western countries first began to eschew Russian barrels following the outbreak of the Ukraine war,” said Das.
