India's dependence on Russian oil has grown significantly, with April witnessing a nine-month high in imports.
This surge follows the resumption of shipments on tankers operated by Sovcomflot, Russia's largest shipping company, which had been briefly suspended due to Western sanctions.
The data, obtained from shipping and trade sources, reveals that Indian refiners overcame initial hesitation and resumed imports via Sovcomflot vessels.
These tankers, along with 14 others, were initially flagged by the US in February for potential sanctions violations.
The West, in response to Russia's invasion of Ukraine, has imposed sanctions and established price caps on Russian oil exports to limit Moscow's war chest.
However, India, the world's third-largest oil importer, has emerged as a key customer for Russian seaborne oil.
In April, marking the first month of the new fiscal year, Indian refineries imported nearly 1.8 million barrels per day (bpd) of Russian oil.
This translates to an 8.2% increase compared to the previous month and expands Russia's share of the Indian oil market to 38%, up from 32%.
Overall Indian oil imports dipped slightly in April by 6.5% compared to March, but remained marginally higher than April 2023 figures.
Notably, Russia maintained its position as India's top oil supplier, followed by Iraq and Saudi Arabia.
The increased appetite for Russian oil has, however, impacted India's purchases from traditional suppliers.
Refiners scaled back imports from Iraq and Saudi Arabia, leading to a decline in the Middle East's share of the Indian oil basket from 46% to 41%.
This trend further reduced the share of the Organization of the Petroleum Exporting Countries (OPEC) in India's oil imports, dropping from 53% in March to 46% in April.
Conversely, the rise in Russian oil imports has boosted the Commonwealth of Independent States' (CIS) contribution to India's oil basket. This bloc, comprising Russia, Kazakhstan, and Azerbaijan, saw its share rise to 41% last month, up from 37% in March.
Follow us
