New Delhi. U.S. President Donald Trump has repeatedly warned India to stop purchasing oil from Russia. Meanwhile, reports suggest that India’s crude oil imports from Russia have seen a sharp decline. The drop follows Washington’s announcement on October 22 to impose sanctions on Russian oil companies Rosneft and Lukoil.
According to provisional tanker data from global commodity analytics provider Kpler, during the week ending October 27, India imported an average of 1.19 million barrels of crude oil per day from Russia — significantly lower than the 1.95 million barrels per day imported during the previous two weeks.
Analysts anticipate a further decline in Russian oil imports in December and January, as Indian refiners seek alternative sources of supply. However, a complete halt in imports is considered unlikely, since Russian oil remains relatively affordable for the Indian market. Unless the Indian government formally bans such imports, limited shipments from Russia are expected to continue through indirect channels.
To compensate for the reduced inflow from sanctioned Russian suppliers, Indian refiners are preparing to increase purchases from West Asia, West Africa, Latin America, and North America. India, the world’s third-largest oil consumer, imports nearly 88% of its total crude requirement.
