India’s imports of Russian crude oil in January declined to their smallest share since late 2022, reflecting a continued shift in the country’s crude sourcing strategy, Reuters reported.
Industry data showed India, the world’s third-largest oil importer and consumer, brought in about 1.1 million barrels per day (bpd) of Russian crude last month — a drop of roughly 23.5 per cent from December and about one-third lower than a year earlier. Russia’s share of India’s overall oil imports fell to around 21.2 per cent, the lowest proportion since October 2022.
Analysts expect Russian crude flows to India to continue declining gradually through March as refiners diversify their sources. Import levels in February are forecast to average about 1 million to 1.2 million bpd, easing further to around 800,000 bpd in March, according to energy analysts.
Shift toward Middle East and other suppliers
To compensate for reduced volumes from Russia, Indian refiners have tapped other supply sources. Middle Eastern crude accounted for about 55 per cent of India’s total oil imports in January, while Latin American grades reached a 12-month high of about 10 per cent, reflecting broader diversification.
Reports indicate that Saudi Arabia has regained its position as India’s top crude supplier, with recent import data showing strong flows. Increased purchases from the Middle East have also lifted the overall share of OPEC oil in India’s import mix to an 11-month high.
The change in India’s import pattern comes amid Western sanctions tied to Russia’s invasion of Ukraine and ongoing geopolitical pressures, alongside efforts to secure trade and energy ties with other partners.
