India it is changing the origin of its crude oil supply, with increased purchases from Middle Eastern producers and a reduction in volumes from Russia during September.
According to Kpler data cited by international media, oil imports from the Middle East averaged 3 million barrels per day during the month. In contrast, Russian crude shipments averaged around 1.75 million barrels per day.
This evolution reflects a change in the composition of India oil imports, although Russia continues to occupy an important place among the main suppliers to the Asian country.
India regains larger oil flows from the Middle East
Purchases of crude oil from Middle East imports of Russian oil in Ukraine returned to levels similar to those seen before the war. At the same time, imports of Russian oil decreased from 2.1 million barrels per day in August.
This move coincides with an increase in India crude oil needs, total imports reached 5.3 million barrels per day in September, approximately 600,000 barrels per day more than during the previous month.
Compared to the same period last year, the growth was even greater, with an increase of nearly 700,000 barrels per day. Thus, the reduction in volumes from Russia occurs in a context where India is importing more oil overall.
Russia maintains its weight in the supply of crude oil to India
Despite the monthly decline, Russia remains India largest single oil supplier, the behavior recorded in September also does not indicate that Indian refineries are preparing to withdraw this supply.
Russia remains a key part of India’s crude oil import basket, and we do not interpret this latest decline as a complete abandonment of Russian barrels by the country.
Sumit Ritolia, analyst at Kpler.
India it remains the second largest buyer of Russian oil after China, in recent months, crude from Russia accounted for nearly half of the country’s oil purchases.
At the same time, greater participation from the Middle East allows Indian refineries to diversify their supply sources while still receiving Russian barrels.
Purchases of Russian crude oil remain under trade pressure.
India energy trade is also conditioned by its relations with the United States, the country could face tariffs of up to 100% on products exported to the US market linked to the latest sanctions package.
This possibility adds pressure to trade relations between Washington and New Delhi, as both sides continue negotiations to reach a bilateral trade agreement.
However, September data shows that, for now, the main adjustment in India oil imports is focused on how the volumes are distributed among its various suppliers.
The Middle East has regained a greater presence within the Indian oil basket, while Russia maintains a relevant position in the country’s crude oil supply.
Photo: Shutterstock
