India’s import of Russian oil surged to a nine-month high as shipments resumed via non-sanctioned tankers operated by Russia’s leading shipping company, Sovcomflot, according to tanker data from shipping and trade sources.
Indian refiners briefly halted the import of Russian oil in Sovcomflot tankers after the company’s vessels, along with its 14 tankers, were sanctioned by Washington in February for violating Western sanctions imposed due to Russia’s invasion of Ukraine in 2022. These sanctions include price caps on oil and oil products loaded at Russian ports aimed at cutting Moscow’s oil revenue used to fund the war.
India, being the world’s third-largest oil importer and consumer, stands as the top client for Russian seaborne oil.
In April, the initial month of the fiscal year 2024/25, Indian refiners imported nearly 1.8 million barrels per day (bpd) of Russian oil, marking an approximately 8.2% increase from the previous month. This expansion raised Russia’s share in India to about 38% from 32% in the preceding month.
Overall, India’s oil imports in April totaled 4.8 million bpd, reflecting a 6.5% decline from the previous month but slightly higher than April 2023. Russia remained India’s top oil supplier, followed by Iraq and Saudi Arabia.
Despite the increase in Russian oil purchases, Indian refiners reduced their overall procurement of Iraqi and Saudi Arabian oil during the month. Consequently, the share of Middle Eastern oil decreased to 41% from 46% in March.
This decline in Middle Eastern imports further lowered the Organization of the Petroleum Exporting Countries’ (OPEC) share in India’s crude basket to 46% in April from 53% in March.
The surge in Russian oil imports contributed to an increase in the share of oil from the Commonwealth of Independent States (CIS), including Kazakhstan, Azerbaijan, and Russia, in India’s imports, rising to 41% last month from 37% in March.
