Russia’s share in India’s crude oil imports fell to its lowest level since late 2022 in January, according to latest trade data. The decline reflects shifting sourcing patterns amid changing price dynamics, logistical considerations, and evolving global supply conditions.
India, one of the world’s largest crude importers, had significantly increased purchases of discounted Russian oil following geopolitical disruptions in 2022. However, January data indicates a moderation in volumes from Russia, with refiners diversifying procurement across other suppliers in the Middle East and beyond.
Industry analysts attribute the drop to narrower price differentials, freight costs, and refinery-specific requirements. Despite the dip, Russia remains an important supplier in India’s crude basket.
The changing import mix underscores India’s strategy of maintaining supply security through diversified sourcing, while balancing cost efficiencies and geopolitical considerations.