In total, India imported 4.7 million bpd of crude oil in September, slightly higher than in August, and an 8.5% rise compared to the same period last year…reports Asian Lite News
India’s crude oil imports from Russia surged by 11.7% in September, reaching approximately 1.9 million barrels per day (bpd), accounting for around 40% of the country’s total crude oil imports for the month, according to industry data, Reuters reported.
This increase highlights India’s growing reliance on discounted Russian oil, which has become more accessible following Western sanctions on Moscow after its invasion of Ukraine.
In total, India imported 4.7 million bpd of crude oil in September, slightly higher than in August, and an 8.5% rise compared to the same period last year.
The country’s refiners have been investing heavily in upgrading their processing plants, allowing them to handle a broader range of crude grades, which helps in reducing operational costs.
These investments are a key part of India’s strategy to diversify its oil sources while securing cheaper energy supplies.
Russia continues to be India’s top oil supplier, followed by Iraq and Saudi Arabia. In September, imports of Russian oil were more than double those from Iraq, which shipped about 867,600 bpd to India.
Oil from the Commonwealth of Independent States (CIS), which includes Russia, Kazakhstan, and Azerbaijan, accounted for approximately 43% of India’s total crude imports, a rise from 38.5% in August.
During the first half of the fiscal year (April-September), India’s imports of Russian oil increased by 9.1% to an average of 1.91 million bpd. This reflects a sustained preference for Russian oil, driven by attractive pricing.
Additionally, India resumed oil imports from Venezuela in September after a two-month break, with a cargo received by private refiner Reliance Industries.
Meanwhile, imports from the Middle East, predominantly from OPEC members, slightly declined, with their market share falling to 41.6% from 43.8% in the same period last year.
This marks a gradual shift as Indian refiners seek to balance long-term contracts with Middle Eastern suppliers against the growing appeal of discounted Russian oil.
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