India Continues its Streak of Record Breaking Oil Imports from Russia

India's crude oil imports from Russia surged by 11.7% in September to approximately 1.9 million barrels per day (bpd), representing about 40% of the country's total crude imports for the month, according to tanker data from industry sources. In total, India's refiners imported 4.7 million bpd of crude oil in September, reflecting a slight increase compared to August and about 8.5% higher than the same month a year prior.

Indian refiners have invested significantly in plant upgrades, enabling them to process a wider range of crude grades, thereby reducing costs. As the world's third-largest oil importer and consumer, India has become the top buyer of discounted Russian seaborne oil after Western nations halted purchases following Russia's invasion of Ukraine.

Crude imports from the Commonwealth of Independent States (CIS), including Russia, Kazakhstan, and Azerbaijan, accounted for 43% of India's total imports in September, up from 38.5% in August. In the first six months of the fiscal year (April-September), India's imports of Russian oil rose by 9.1% to 1.91 million bpd.

In September, Russia remained India's top oil supplier, followed by Iraq and Saudi Arabia. Russian oil imports were more than double Iraq's 867,600 bpd. Additionally, India resumed Venezuelan oil imports in September after a two-month pause, with Reliance Industries Ltd receiving a shipment.