Russia’s share of India’s crude oil imports declined significantly in January, dropping to its lowest level since late 2022, according to trade data released for the period.
The reduced share reflects shifting global oil supply dynamics and India’s diversified sourcing strategy as refiners adjust procurement in response to price movements, freight economics and geopolitical considerations. While Russia has remained a major supplier of crude oil to India, its proportion in India’s import mix has eased amid increased purchases from other regions.
India’s crude import basket continues to draw supplies from the Middle East, West Africa and the Americas alongside Russian barrels. Analysts said refiners have been rebalancing their procurement strategies to optimise yields, manage costs and align with contractual and logistical priorities.
The data for January indicates that Russian crude accounted for a noticeably smaller percentage of total Indian imports compared with recent months, marking a shift from patterns observed in late 2022 and early 2023, when Russia’s share surged following global supply realignments.
Industry observers attributed the trend to a combination of factors including changes in trade economics, adjustments in official selling prices from alternative producers, and improvements in sourcing logistics from non-Russian barrels. Such diversification is seen as part of refiners’ efforts to manage risks associated with over-dependence on any single supplier.
Despite the decline in import share, Russia remains an important crude supplier to India’s refinery sector, especially for medium and heavy crude grades that are a good fit for complex refining configurations. The overall volume of Russian crude shipped to India has continued, albeit at a relatively moderated pace in the most recent month.
Refiners and traders said that monthly shifts in supply patterns are common as contracts, spot deals and freight economics evolve. The January data is viewed in that context, with market participants emphasising that sourcing decisions are driven by commercial and operational factors.
The broader trend underscores India’s position as a major crude importer with a diversified supplier base, capable of adjusting import mixes in response to changing market conditions. Stakeholders said the import pattern in coming months will continue to reflect global production changes, pricing trends and logistical considerations.
