India's Russian oil imports hit nine-month high in April
India's importation of Russian oil reached a nine-month peak in April, as per Reuters, based on tanker data from shipping and trade sources. This surge followed the resumption of shipments on non-sanctioned tankers operated by Sovcomflot, Russia's largest shipping company. Previously, Indian refiners had briefly stopped importing Russian oil via Sovcomflot tankers after they were designated as violating Western sanctions in February. These sanctions were imposed following Russia's invasion of Ukraine in 2022 and aimed to reduce Moscow's war-funding revenue.
India remains top client for Russian seaborne oil
Despite Western sanctions, India, the world's third-largest oil importer and consumer, continues to be the leading client for Russian seaborne oil. In April, which marked the first month of fiscal year 2024-25, Indian refiners imported nearly 1.8 million barrels per day (bpd) of Russian oil. This volume represents an increase of approximately 8.2% over the previous month and expands Russia's share in India's oil market to about 38% from 32% in March.
Russian oil imports impact India's Middle Eastern oil purchases
The increased purchases of Russian oil have affected Indian refiners' overall procurement of Iraqi and Saudi Arabian oil in April. This shift has led to a reduction in the share of Middle Eastern oil in India's imports, dropping to 41% from 46% in March. As a result, the Organization of Petroleum Exporting Countries's (OPEC) share in India's crude basket decreased to 46% in April from 53% in March.
Commonwealth of Independent States's oil share in India rises
The rise in imports of Russian oil has also increased the share of oil from the Commonwealth of Independent States (CIS), which includes Kazakhstan, Azerbaijan, and Russia, in India's imports. The CIS's share in India's oil imports rose to 41% last month from 37% in March. This increase further underscores Russia's position as India's primary oil supplier, followed by Iraq and Saudi Arabia.
