India's Russian Crude Imports Fall to Five-Month Low as Refiners Diversify Supplies

India’s Russian crude imports drop as Iraq, Saudi Arabia boost supplies

Higher supplies from Iraq, Saudi Arabia and other regions helped offset lower Russian volumes as Indian refiners responded to changing market conditions.

India's Russian crude imports fall to five-month low as refiners diversify supplies

India's crude oil landscape shifted in September as imports from Russia plummeted to their lowest since April, prompting refiners to seek alternatives. Despite this drop, overall crude imports surged, bolstered by robust refinery activity and rising fuel requirements. Increased supplies from Iraq and Saudi Arabia have effectively offset the reduction of Russian crude. This scenario underscores the flexibility of Indian refiners to navigate geopolitical uncertainties and evolving market demands.

Russian oil supply to India tightens on reduced exports, strong Chinese demand

Indian refiners expect Russian crude arrivals to fall further in October and November as exports decline and Chinese demand strengthens. With supplies tightening, refiners are turning to costlier barrels from the Middle East, Iraq and West Africa.