India stays top buyer of Russian crude in September as imports fall

India has remained the largest destination for Russian crude oil, although imports decreased significantly from peak levels. In September, India imported around 1.82 million barrels per day, while competition from China intensified. US sanctions and tariffs have influenced purchasing decisions but supply constraints also played a crucial role. Venezuelan crude has returned to India's oil imports, driven by specific refining capabilities in the country.

New Delhi: India remained the world’s largest buyer of Russian crude oil in September, although imports declined as Chinese demand tightened availability, according to Kpler ship-tracking analysis.India imported 1.82 million barrels per day, compared with China’s 1.49 million barrels per day.Indian purchases were down roughly 29 per cent from July’s 2.57 million barrels per day. Imports had reached 2.6 million barrels per day in June before easing to 2.02 million in August.India’s Russian Crude Imports Fall 32% In August As Rising Oil Prices Pressure Refiners China Competition Tightens SupplySumit Ritolia, senior manager at Kpler, said the moderation could not be attributed solely to US tariff pressure. Reduced availability and stronger competition from Chinese refiners also influenced Indian purchases.Chinese buyers increased Russian crude intake partly because access to Iranian oil had diminished.Based on tracked cargoes, Kpler expects India’s October Russian imports to remain steady at 1.8–1.9 million barrels per day.Venezuelan Oil Returns to IndiaVenezuelan crude has re-entered India’s supply basket this year, with flows accelerating since April. However, the United States remains its largest destination.Venezuelan exports to India reached approximately 257,000 barrels per day in September, against 563,000 barrels per day shipped to the US.Kpler distinguished export figures from arrivals, noting that long voyages shift cargoes between reporting periods.Reliance Industries’ Jamnagar refinery complex remains the principal Indian buyer because its configuration suits heavy and extra-heavy Venezuelan grades.These grades can contain high sulphur and acidity, making sustained processing difficult for refineries without equipment.Goldman Sachs Raises Brent Crude Oil Price Forecast To $90 For December Supply Diversification ContinuesState-owned refiners have purchased Venezuelan oil opportunistically, in smaller volumes than Reliance. Kpler has tracked cargoes to Indian Oil Corporation’s Paradip refinery.The analysis indicates diversification rather than a withdrawal from Russian oil, which remains a major component of India’s imports. Additional supplies are coming from the Middle East, Americas and other sources.Venezuelan arrivals could reach about 350,000 barrels per day in October, although some late-month shipments may arrive in November.

Kpler expects Russian crude to remain significant in India’s import mix, even as refiners explore supplies from the Americas and Middle East