India's Russian Crude Oil Imports Reach Four-Month High In November

India's oil imports from Russia rose to a four-month high of 1.6 million barrels per day (bpd) in November, marking a 3.1 per cent increase from October, accounting for about 36 per cent of the country's total imports last month.

This year, Russia emerged as India's primary oil provider, as the New Delhi was attracted to the discounts offered on Russian oil after several Western companies ceased their purchases from Moscow in response to its invasion of Ukraine in February last year.

Traditionally, India, as the world's third largest oil importer and user, has predominantly depended on Middle Eastern suppliers to fulfil the majority of its oil requirements. Purchases from Russia have been infrequent in the past, primarily due to the elevated costs associated with transportation.

In the previous month, India's total oil import was around 4.5 million bpd, representing a decrease of around 4.5 per cent from October and a year-on-year increase of 13 per cent, according to the data.

Following Russia, Iraq and Saudi Arabia were the next leading oil suppliers to India in November.

The share of Middle Eastern oil in India's crude oil imports has decreased due to an increase in the purchase of Russian oil.

In November, Middle Eastern oil accounted for approximately 46 per cent of India's oil imports, down from 48 per cent in October.

Meanwhile, the share of oil from the Commonwealth of Independent States - including Russia, Kazakhstan, and Azerbaijan - increased to 39 per cent from 36 per cent.

From the commencement of the fiscal year on 1 April through the initial eight months, data indicates a 77 per cent increase in India's imports of Russian oil, averaging 1.7 million barrels per day.

The rise in India's imports of Russian oil has consequently decreased the proportion of oil sourced from the Organization of Petroleum Exporting Countries member nations, dropping to 48 per cent in April-November, compared to approximately 62 per cent during the same period last year.