Imports in October reportedly came in at 1.48 million barrels per day, according to data from oil tracking companies cited by the outlet
India’s crude oil imports from Russia rose in October month-on-month, Reuters has reported on Monday, citing preliminary data from analytics firms Kpler and OilX.
Kpler estimated India’s Russian crude imports at about 1.48 million barrels per day (bpd) in October, up from 1.44 million bpd in September. OilX gave similar figures – 1.48 and 1.43 million bpd for October and September, respectively. The data exclude Kazakh-origin oil exported via Russia, the news agency added.
The US imposed sanctions on Russian oil giants Rosneft and Lukoil and their subsidiaries in late October. At about the same time, the EU then officially implemented its 19th package of sanctions against Moscow, targeting over 117 vessels from what Brussels claims is a Russian “shadow fleet,” as well as additional individuals and entities.
Earlier this year, Trump imposed a 25% punitive tariff on India, citing New Delhi’s purchases of Russian oil as the reason. The tariff was on top of an existing 25% levy imposed as a part of ‘Liberation Day’, when the two countries failed to reach a trade agreement. The US president accused India and China of contributing to the Ukraine conflict by buying Russian crude.
New Delhi is analyzing the effects of new sanctions on Russian oil majors Rosneft and Lukoil and will act based on how the situation develops, Foreign Ministry spokesman Randhir Jaiswal said on Thursday.
India’s private refiner Reliance has bought millions of barrels from the spot markets since the US sanctions were introduced, Reuters claimed.
India, the world’s third largest oil consumer, has substantially increased its crude imports from Russia since 2022. As of September, Russia accounted for 34% of India’s total imports, based on data from Kpler.
In response to the sanctions, key Indian refiners have temporarily halted new orders and are instead seeking alternative supplies in spot markets, Reuters claimed. Other refiners such as state backed Indian Oil Corporation states they will continue purchasing oil from Russian producers that have not been sanctioned.
