In November, India reduced its imports of Russian crude oil while increasing purchases from Middle Eastern exporters. This shift comes as Russia’s overall oil exports declined, and several Indian refineries underwent maintenance.
For much of the past two years, India had been increasing its imports of Russian crude, driven by the appeal of cheaper oil. As a result, Russia became India’s largest oil supplier. However, in November, India imported 1.52 million barrels per day (bpd) of Russian crude, marking a 13% drop compared to October, according to ship-tracking data obtained by Reuters.
Meanwhile, oil imports from the Middle East to India, the world’s third-largest crude importer, rose by 10.8% in November compared to the previous month. This shift led to a reduction in Russia’s share of India’s crude oil imports, which dropped to approximately 32%. On the other hand, the share of oil from Middle Eastern suppliers surged to 48%, reaching its highest point in nine months.
Some Indian refiners reduced spot purchases of Russian oil during the maintenance season but continued to honor their long-term contracts with Middle Eastern producers, an official from the Indian refining sector told Reuters.
Russia’s crude exports via sea also saw a decline in November, largely due to lower shipments to India. According to tanker-tracking data monitored by Bloomberg, the drop in Russian exports was particularly notable at the country’s Western ports on the Baltic and Black Sea, which handle most shipments to India.
Despite this decline, Russia remained India’s top crude oil supplier in November, ahead of Iraq and Saudi Arabia. Saudi Arabia, the world’s leading oil exporter, saw its oil shipments to Asia increase in November, while Russia’s crude sales to key markets like China and India fell.
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