- India’s Russian oil imports fell 8.4% year-on-year as refiners turned to new suppliers amid shrinking discounts.
- Analysts say India’s Russian oil imports may stay low if discounts narrow further and U.S. relations deepen.
India’s Russian oil imports fell 8.4% year-on-year between April and September due to tighter supplies and reduced discounts. Trade sources and shipping data revealed that refiners increased their purchases from the Middle East and the United States.
In September, imports stayed steady at 1.6 million barrels per day (bpd) compared with August. However, they were 14.2% lower than in the same month last year. Private refiners such as Reliance Industries Ltd and Nayara Energy raised their imports, while state-owned refiners reduced theirs.
Meanwhile, U.S. trade officials stressed that cutting Russian oil purchases is essential for India to secure lower tariffs and complete a bilateral trade deal. In line with this, India’s U.S. crude imports rose 6.8% year-on-year between April and September, reaching about 213,000 bpd.
A senior government source noted that India’s higher U.S. energy imports reflect the progress of ongoing trade talks between both nations. Earlier, U.S. Trade Secretary Scott Bessent said India would gradually rebalance its crude supply by buying more American oil and less Russian crude.
Overall, India imported about 4.88 million bpd of crude oil in September. This marked a 1% drop from August but remained 3.5% higher than the same month a year earlier.
Ultimately, the shift signals India’s evolving strategy to diversify its energy sources while maintaining reliable supply lines. Western sanctions continue to reshape trade routes, and Indian refiners appear focused on balancing economic benefits with geopolitical realities.