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India’s crude shipments from Russia increase
(MENAFN) India's imports of Russian crude oil rebounded sharply in March, driven by lower prices that made it more attractive for refiners, Financial Express reported on Monday.
The price drop also increased the availability of non-sanctioned tankers, making transportation easier for Indian companies. As a result, Russian crude shipments to India saw a strong recovery after declining in previous months.
According to data from Kpler, India's Russian oil imports averaged 1.85 million barrels per day (bpd) in the first 21 days of March, significantly up from 1.47 million bpd in February and 1.64 million bpd in January. Russian oil accounted for over 35% of India's total crude imports in March, rising from approximately 31% in February.
The increase in exports has helped Moscow strengthen its position as a key energy supplier to India. Despite additional Western sanctions imposed on Russia in February, India has maintained its commitment to purchasing Russian oil, provided it remains below the $60 per barrel price cap, is transported using non-sanctioned tankers, and does not involve blacklisted companies or individuals.
Kpler analyst Sumit Ritolia noted that the surge in Russian crude exports came as domestic demand in Russia fell due to Ukrainian drone attacks on several refineries. The increased supply drove down prices for Urals crude, with February’s average at $59.9 per barrel and March’s at $56 per barrel—keeping it below the G7-imposed cap, allowing the use of Western shipping and insurance services.
However, Bloomberg reported that India’s crude imports from Russia had dropped in February to their lowest level since January 2023, following U.S. and U.K. sanctions on Russian energy firms, including Gazprom Neft and Surgutneftegas, as well as 183 tankers involved in crude transportation. These measures have affected both India, the world's third-largest oil importer, and China, the largest.
Speaking in New Delhi in February, Russian First Deputy Energy Minister Pavel Sorokin reaffirmed Moscow’s commitment to supplying global markets, including India. “We are pragmatic. We value our relationships and will continue to supply the market. Our resources are competitive from an economic standpoint,” he stated.
The price drop also increased the availability of non-sanctioned tankers, making transportation easier for Indian companies. As a result, Russian crude shipments to India saw a strong recovery after declining in previous months.
According to data from Kpler, India's Russian oil imports averaged 1.85 million barrels per day (bpd) in the first 21 days of March, significantly up from 1.47 million bpd in February and 1.64 million bpd in January. Russian oil accounted for over 35% of India's total crude imports in March, rising from approximately 31% in February.
The increase in exports has helped Moscow strengthen its position as a key energy supplier to India. Despite additional Western sanctions imposed on Russia in February, India has maintained its commitment to purchasing Russian oil, provided it remains below the $60 per barrel price cap, is transported using non-sanctioned tankers, and does not involve blacklisted companies or individuals.
Kpler analyst Sumit Ritolia noted that the surge in Russian crude exports came as domestic demand in Russia fell due to Ukrainian drone attacks on several refineries. The increased supply drove down prices for Urals crude, with February’s average at $59.9 per barrel and March’s at $56 per barrel—keeping it below the G7-imposed cap, allowing the use of Western shipping and insurance services.
However, Bloomberg reported that India’s crude imports from Russia had dropped in February to their lowest level since January 2023, following U.S. and U.K. sanctions on Russian energy firms, including Gazprom Neft and Surgutneftegas, as well as 183 tankers involved in crude transportation. These measures have affected both India, the world's third-largest oil importer, and China, the largest.
Speaking in New Delhi in February, Russian First Deputy Energy Minister Pavel Sorokin reaffirmed Moscow’s commitment to supplying global markets, including India. “We are pragmatic. We value our relationships and will continue to supply the market. Our resources are competitive from an economic standpoint,” he stated.
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