Stories
India cuts back on costly Russian crude as West Asia supplies recover
M
Moneycontrol•08-10-2026, 14:05
India cuts back on costly Russian crude as West Asia supplies recover
- •Indian refiners have reduced Russian crude purchases for November delivery due to rising prices driven by competition from China.
- •Russian Urals crude is now offered at high premiums, priced almost at par with Middle Eastern grades instead of steep discounts.
- •West Asian oil flows have recovered to about 80 percent of prewar levels, offering shorter voyages and lower shipping costs for Indian buyers.
Key Questions Answered
Indian refiners have reduced Russian crude purchases due to rising prices driven by competition from China and increasing premiums of over $10 a barrel to Dated Brent, making Russian barrels almost as expensive as Middle Eastern grades.
West Asian flows have recovered to about 80% of prewar levels as more tankers navigate the Strait of Hormuz despite elevated risks from increasing Iranian shipping attacks.
Russia's share of India's crude imports fell to about 35% in September, down from a high of 56% in July.
