Russian crude purchases are seen at around 1.9 million barrels per day in September, after retreating from record summer levels
Russia remains India’s largest crude supplier despite a second consecutive monthly decline in purchases, with September imports tracking at around 1.9 million barrels per day, according to commodity analytics firm Kpler.
Russian shipments reached a record 2.8 million barrels per day in July, before falling to around 2.1 million in August – a drop of about 25% on Kpler’s figures. India’s overall crude imports also fell nearly 8% during August to around 4.6 million barrels per day, showing the slowdown was not limited to Russian supplies.
The August pullback followed several months of heavy buying by Indian refiners as they sought to protect supplies amid disruptions linked to the conflict in the Middle East. Scheduled refinery maintenance and lower availability of Russian crude also contributed to the decline, while stronger competition from Chinese refiners reduced the number of Russian barrels available to India.
Russian supplies had surged earlier in the summer, rising 39% from May to 2.61 million barrels per day in June and accounting for 52.4% of India’s crude imports. Purchases then climbed further to the July record.
The decline is expected to continue in September, but at a slower pace. Preliminary Kpler data show Russian imports about 9.5% below August levels, a softer fall than the July-August correction.
Supplies from some Middle Eastern producers recovered in August as more crude became available from ports outside the Strait of Hormuz. Iraqi shipments to India rose by about a quarter, while Saudi supplies also increased during the month.
Indian refiners are, meanwhile, looking at spot-market supplies for October and November as they assess possible further US trade pressure over purchases of Russian oil. A recently passed US law has given President Donald Trump authority to impose tariffs of up to 100% on the top buyers of Russian crude.
New Delhi has maintained that its oil purchases are guided by affordability, availability, and national energy security. It has also said it remains “firmly committed” to securing energy supplies and will continue to source crude from diverse sellers based on market conditions.
