Our Bureau
Mumbai
India ramped up its Russian crude oil imports to a record 2 million barrels per day (bpd) in August, up from 1.6 million bpd in July, according to global energy analytics firm Kpler. This surge pushed Russia’s share to 38% of India’s estimated 5.2 million bpd crude imports during the first half of August, relegating traditional suppliers Iraq and Saudi Arabia to lower market shares. Iraq’s supply dropped to 730,000 bpd from 907,000 in July, while Saudi Arabia fell to 526,000 bpd from 700,000. The US stood as India’s fifth-largest supplier at 264,000 bpd.
India’s refiners appear unfazed by President Donald Trump’s imposition of an additional 25% tariff on US imports from India. Kpler’s Lead Research Analyst Sumit Ritolia explained that August’s shipments were booked prior to any policy shifts, so the impact, if any, will emerge only from late September.
State-run Indian Oil Corporation (IOC) Chairman Arvinder Singh Sahney clarified there has been no directive from the government regarding purchases from Russia. “Neither we are being told to buy nor told not to buy,” he said. Russian oil accounted for 22% of IOC’s crude supply from April to June and is projected to remain steady.
Although discounts for Russian oil narrowed last month, Bharat Petroleum Corporation Limited (BPCL) expects Russian crude to account for 30–35% of its procurement through 2025, with discounts recently widening to over $2 per barrel. Before the Ukraine conflict, Russian oil made up less than 0.2% of Indian imports, but now holds a commanding 35–40% share.
Analysts say Indian refiners are diversifying supply by testing alternatives from the US, West Africa, and Latin America, but this is seen as “added flexibility, not a deliberate pivot.” Imports from Russia will persist unless sanctions are introduced, as refiners continue to prioritize economic factors in procurement decisions.
