India’s Russian oil imports fall to five-month low as refiners diversify

New Delhi: India’s Russian crude imports fell to their lowest level since April in September as refiners diversified supplies amid geopolitical uncertainty, even as the country’s overall oil purchases rose sharply, according to ship-tracking data from Kpler.

Russian shipments averaged an estimated 1.74 million barrels per day (bpd), down from 2.02 million bpd in August and 2.65 million bpd in July. The September intake was the lowest since April’s 1.58 million bpd.

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India’s total crude imports, however, averaged about 5.3 million bpd in September — roughly 600,000 bpd higher than August and 700,000 bpd above the year-earlier level.

Higher purchases from Iraq and Saudi Arabia helped offset the decline in Russian supplies. Iraqi shipments rose to about 575,000 bpd from 163,000 bpd in August, while Saudi supplies increased to 566,000 bpd from 347,000 bpd. Imports from the UAE declined to 480,000 bpd from 546,000 bpd.

Sumit Ritolia, Senior Manager (Modelling) at Kpler, said Washington’s continued pressure on buyers of Russian oil had prompted Indian refiners to keep their sourcing options flexible.

However, the decline does not signal a wholesale move away from Russian crude, which remains a major part of India’s supply basket. Buying decisions continue to depend primarily on prices, availability and suitability for individual refineries, he said.

Refiners could become more cautious if the US announces unilateral punitive measures against India over Russian oil purchases. During such uncertainty, they could trim purchases while assessing enforcement, possible waivers and alternative supplies, Ritolia added.

Middle Eastern crude imports are estimated at about 3 million bpd in September, broadly returning to pre-war levels, with increased flows from Iraq, Kuwait and Saudi Arabia.

Improving movements through the Strait of Hormuz, ship-to-ship transfers and other logistical arrangements have helped refiners rebuild purchases from the region. African and Venezuelan supplies have also contributed to the diversification.

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The rise in overall imports reflects stronger domestic fuel demand and high refinery utilisation, according to Ritolia. Export-oriented refineries are also operating at elevated rates to benefit from strong international fuel margins and tight global supplies of refined products.

India emerged as a major buyer of Russian crude after Moscow’s invasion of Ukraine in 2022, when Western sanctions and a price cap prompted Russia to redirect supplies towards Asian markets.

In a limited reversal of product flows, Russia has recently begun importing oil products from India after Ukrainian attacks disrupted its refineries and reduced domestic high-octane gasoline production, Ritolia said.

Russia has also relaxed domestic motor-fuel quality standards and increased rail imports from neighbouring countries to help bridge the shortfall.

Seaborne supplies from India, which began in July, accounted for about 4 percent of Russian domestic demand for the affected products in the third quarter of 2026, according to Kpler.

These shipments remain a small outlet for India’s overall petroleum-product exports. Ritolia said they reflect a temporary adjustment caused by Russian refinery disruptions, rather than a broader change in the two countries’ energy relationship.

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