India’s Russian crude oil imports have seen a notable shift in January, with Indian Oil Corporation (IOC) and Nayara Energy emerging as the primary buyers, while Reliance Industries did not lift any Russian cargoes during the month.
IOC accounted for around 43 per cent of India’s Russian crude imports in January, marking its highest share in several months. The state-owned refiner significantly increased intake to take advantage of attractive pricing, positioning itself as the country’s largest buyer of Russian oil during the period.
Nayara Energy also ramped up purchases, recording its highest Russian crude intake in nearly two years. The refiner has increasingly relied on Russian supplies as it adjusts procurement strategies amid changing global trade conditions.
Overall, India’s Russian oil imports declined in January as sanctions-related constraints reduced the number of active buyers and altered shipping and payment arrangements. Despite the softer overall volumes, select refiners stepped in to capitalise on deeper discounts offered by Russian suppliers.
Bharat Petroleum Corporation imported smaller quantities compared to earlier periods, while several other refiners did not lift Russian crude during the first half of the month.
Reliance Industries, which was India’s largest importer of Russian oil last year under long-term arrangements, skipped Russian purchases in January, reflecting a tactical shift in sourcing strategy amid evolving compliance and market considerations.
With fewer buyers in the market, Russian crude was offered at steeper discounts to global benchmarks, improving its economic appeal for refiners willing to manage logistical and regulatory complexities.
The changing pattern highlights how India’s crude procurement strategy continues to evolve in response to geopolitical developments, sanctions dynamics and global oil price movements.
