India’s oil imports from Russia are expected to remain steady
Indian refiners are reportedly sourcing oil from non-sanctioned entities, taking advantage of substantial discounts offered on Russian crude. Purchases are expected to exceed 1.2 million barrels per day, with some trade sources suggesting imports could rise to an average of 1.5 million barrels per day by the end of the month.
India’s largest state-owned refiner, Indian Oil Corp, is reportedly maintaining Russian oil volumes at pre-sanctions levels. Additional sources indicate that Bharat Petroleum has increased its January imports to at least six cargoes, up from two in December, while Hindustan Petroleum is also in discussions for similar purchases.
The US introduced sanctions on October 22, mandating a November 21 deadline for companies to cease dealings with Russian oil giants Rosneft and Lukoil. The European Union has set a January 21 cutoff, after which it will no longer accept fuel from refineries processing Russian crude.
India, the world’s third-largest crude importer, received 1.77 million barrels per day of Russian oil in November, a 3.4% increase from October. Despite Western pressure over the Ukraine conflict, bilateral relations between India and Russia remain strong. Earlier this month, Russian President Vladimir Putin met with Indian Prime Minister Narendra Modi, promising uninterrupted energy supplies to India.
Since 2022, Russia has been India’s top oil supplier. During the same period, India also emerged as a significant exporter of refined fuels to Europe. Reports indicate that officials from both countries are working on a framework to increase bilateral trade to $100 billion by 2030, with energy and defense currently dominating their commercial ties.
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