India's Russian Oil Imports Take a Hit as Prices Soar
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Explore CNC Systems →India's Russian Oil Imports Take a Hit as Prices Soar\
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In a significant development, India's imports of Russian crude oil declined by 13% in September, marking the second consecutive monthly decline and the lowest since April. The decline is attributed to rising prices due to the escalating Middle East conflict, which has choked the Red Sea trade route and impacted major refineries in the country.\
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Explore Carbon Fiber →According to a report by the Centre for Research on Energy and Clean Air (CREA), imports at the Reliance-run Jamnagar refinery fell by 27%, while Indian Oil Corporation's (IOC) Paradip refinery saw a decline of 21%. Nayara Energy's Vadinar refinery was also impacted, with a decline of 8%.\
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Despite the decline, India remains Russia's second-largest fossil fuel buyer, importing 4.1 billion euros worth of Russian hydrocarbons in September, which accounts for 88% of its crude oil imports. China is the largest buyer of Russian oil, accounting for 50% of Russia's crude exports since December 2022.\
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The US has issued an executive order to waive many sanctions and tariffs tied to Russian oil exports, allowing India and China to continue imports at current levels. The waiver has been sanctioned in the US's 'national interest.'\
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The average price of Russia's Urals-grade crude rose by 32% month-on-month to USD 90.7 per barrel in September, the highest monthly average since April 2026. This is more than double the EU and UK price cap of USD 44.1 per barrel, which took effect on 1 February 2026.\
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Global fossil fuel prices remained high in September, despite a more than 60% month-on-month increase in the volume of oil transported through the Strait of Hormuz. The Hormuz energy crisis has delivered a substantial boost to Russia's fossil fuel export earnings, with CREA's recent analysis estimating that higher oil and gas prices have increased Russia's seaborne export revenues by an estimated USD 35.9 billion (equivalent to EUR 31 billion) in the six months since the US-Israeli strikes on Iran began.\
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Russia's fossil fuel exports remain highly concentrated, with China dominating purchases of coal and crude oil, Turkiye leading purchases of oil products, and the EU remaining the largest buyer of LNG and pipeline gas. This shows Moscow's dependence on a narrow set of key customers.\
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In conclusion, India's decline in Russian oil imports is a significant development in the global energy landscape, and it remains to be seen how this will impact the country's energy security and its relations with Russia.
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