Russian oil's share in India's crude oil imports drops to 3-qtr low; Middle Eastern oil soars

Indian refiners have been drawing advantage of discounted Russian oil despite sanctions designed to curtail Moscow’s oil revenues used to finance the war in Ukraine.

Imports of Russian oil fell 13% from October to 1.52 million barrels per day (bpd) in November, constituting 32% of India’s total oil intake.

Meanwhile, Middle Eastern oil imports surged 10.8% over October to 2.28 million bpd, accounting for 48% of the total, the data showed.

Some refiners slashed their Russian oil intake due to maintenance turnarounds at their facilities while continuing to meet commitments under annual contracts with Middle Eastern suppliers, according to an Indian refining official.

Russia’s oil exports from key western ports declined in November due to higher domestic demand from refiners post-maintenance, the report said.

Further, Russia, an ally of OPEC, pledged further output cuts starting late 2024 to offset previous overproduction.

India’s total crude imports in November stood at approximately 4.7 million bpd, marking a 2.5% increase from October and a 5% rise compared to the same month last year, the data indicated.

Russia remained India’s largest oil supplier, followed by Iraq and Saudi Arabia.