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India's Russian Oil Imports Decline Amidst Shifting Global Dynamics
M
Moneycontrol•22-09-2026, 21:45
India's Russian Oil Imports Decline Amidst Shifting Global Dynamics
- •India's Russian oil imports decreased by 16.5% in August to 2.1 million bpd and are projected to fall further to 1.9 million bpd in September.
- •Despite the decline, Russia remains India's top oil supplier, followed by the UAE and Venezuela.
- •Supplies from the Middle East increased, with ADNOC selling oil from outside the Strait of Hormuz, enhancing shipping operations from Fujairah and Sohar.
- •Indian refiners are exploring spot markets for October and November supplies due to concerns over potential U.S. tariffs on Russian oil.
- •India's overall oil imports dropped by 8.8% in August to 4.44 million bpd, as New Delhi prioritizes energy security and diverse sourcing.
Key Questions Answered
India's Russian oil imports fell by 16.5% in August compared to the previous month, dropping to about 2.1 million barrels per day.
Supplies from the Middle East rose because Abu Dhabi National Oil Co (ADNOC) successfully strengthened its shipping operations by shuttling oil from fields inside the Strait of Hormuz to sell from terminals at Fujairah and Sohar, alongside reselling oil purchased from neighboring producers like Iraq.
Indian refiners are tapping spot markets for October and November supplies because they fear they might need to cut purchases from Moscow to protect India's wider economic interests if U.S. President Donald Trump imposes up to a 100% tariff on countries buying Russian oil.
