In February, India increased its imports of US crude oil to the highest level in over two years. This change came as Indian refiners sought new sources following the latest US sanctions on Russian oil producers.
According to data from Kpler, the US shipped around 357,000 barrels per day (bpd) of crude to India last month. This is a significant rise compared to the 221,000 bpd exported in the same month last year.
The US ranks as one of the top five crude oil suppliers to India. With recent meetings between Prime Minister Narendra Modi and US President Donald Trump, there are expectations that Indian imports of US oil and gas could increase even further. Reports suggest these purchases might reach $25 billion in the near future, up from $15 billion last year.
Indian refiners are actively looking to diversify their sources of crude, particularly light-sweet varieties. Rohit Rathod, an analyst at Vortexa, noted that the recent sanctions on Russian vessels prompted Indian buyers to seek alternatives.
Most of the crude oil imported from the US is light sweet West Texas Intermediate-Midland crude, making up about 80% of the exports to India.
Key buyers of US crude include Indian Oil Corp, Reliance Industries, and Bharat Petroleum Corp. On the supply side, notable US companies include Occidental Petroleum, Equinor, Exxon Mobil, and the trading house Gunvor.
Notably, in February, the US also exported a record 656,000 bpd of crude to South Korea. This increase was partly due to a 10% tariff on US oil imposed by China, which shifted trade flows. Conversely, exports to China fell to just 76,000 barrels per day, marking one of the lowest levels in five years.
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Import, Russia, US, Crude oil, economy, oil, Indian Oil Corp, Reliance Industries, Bharat Petroleum Corp
