India’s oil imports from Russia have been in the spotlight lately. Despite U.S. claims that India would cut back on Russian crude purchases, Indian oil companies say they haven’t received any official instruction to do so.
However, there’s been a noticeable decline in imports. Major companies like Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) are in talks with oil suppliers from the Middle East and Africa for long-term contracts starting in 2026.
Prashant Vasisht, a senior vice president at ICRA, pointed out that Indian refiners will choose crude oil based on price and logistics. While Russian crude is still significant, the rising prices and geographical closeness make Middle Eastern oil more appealing.
Recently, President Trump mentioned that Indian Prime Minister Narendra Modi promised to reduce Russian oil imports soon. However, he acknowledged that India cannot stop immediately; it’s a gradual process.
India faces pressure from the U.S. and the EU regarding its Russian oil purchases, with accusations that these sales support the war in Ukraine. In response, the U.S. has imposed significant tariffs on certain Indian goods.
Recent data from Kpler shows that India’s imports of Russian crude did see a small decrease. In September, the country imported around 1.6 million barrels per day, down slightly from earlier months, when imports peaked at about 2.1 million barrels in June.
Given the current trends, India may continue to shift its focus to other suppliers, reflecting a larger trend among countries balancing economic needs with geopolitical pressure. The dynamics of oil supply and international relations are always evolving, and India’s approach will likely continue to adapt in the face of external expectations and market realities.
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