India's Russian Oil Imports Soar By 50% In March Amid US-Israel-Iran War

2026-03-12 02:15:55

(MENAFN- Khaleej Times) [Editor's Note: Follow Khaleej Times live blog amid US-Israel-Iran war for the latest regional developments.]

India's imports of crude oil from Russia jumped by 50 per cent in first week of March, rising to 1.5 million per day, up from 1.04 million in the first 11 days of February.

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Before the February 28 war began, India imported around 1 million bpd from Russia; this has now jumped to 1.5 million bpd (barrels per day), according to Kpler, a commodity market analytics firm.

"India was expected to import around 2.6 million bpd of crude via the Strait of Hormuz in March,” Sumit Ritolia, lead research analyst at Kpler was quoted in the media.

“At the same time, we are seeing a notable pickup in Russian barrels. Based on vessel tracking and credible market sources, incremental Russian crude imports in March could reach 1–1.2 million bpd (over and above the February volumes), which means the effective shortfall from Hormuz exposure narrows to around 1.6 million bpd.”

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Imports from Russia could rise further if oil supplies from the Gulf through the Strait of Hormuz are not restored soon. About half of India's total oil imports are from the UAE, Saudi Arabia, Kuwait and Iraq transited through the Strait of Hormuz.

“Looking ahead, if the current shipment schedules and cargo movements continue, total Russian crude arrivals for the full month could reach close to 2 million barrels per day, or potentially even exceed that level, further reinforcing India's crude supply position amid the broader uncertainty surrounding flows through the Strait of Hormuz,” he added.

Estimates are that about 130 million barrels of Russian crude are currently on ships across the Indian Ocean and heading to Indian ports.

Trade negotiations with the US forced India to cut down its oil imports from Russia, to ensure the scrapping of 25 per cent additional penal tariff. India's imports from Russia fell by half to 1 million bpd in February.

After the outbreak of the US-Israel war with Iran, the US granted India a 30-day waiver, allowing it to buy crude from Russia despite the sanctions.

India, the world's third-largest crude oil import, buys 88 per cent of its crude oil internationally, which adds up to about 5.8 million bpd.

Most of the imported crude is from the Middle East. The Strait of Hormuz also handles 55 per cent of India's cooking gas imports and 30 per cent of liquefied natural gas shipments; both are used for household cooking, power generation and fertiliser production.