Crude imports from Russia to the South Asian country have reportedly risen by 27% in March
Russian oil supplies to India have surged by 27% in March compared to last month, Kommersant reported on Thursday, citing data from S&P Global Commodities at Sea (CAS).
Shipments to the South Asian country from Russia reached 1.4 million barrels per day (bpd) in March, according to the report.
On March 6, the US granted India a 30-day waiver to import Russian oil. US Treasury Secretary Scott Bessent said the move was aimed at ensuring stability in the global oil market amid a mounting energy crisis since the war on Iran broke out.
Compared to January, Indian crude imports from Russia increased by approximately 17%, the CAS figures show.
Nayara Energy, in which Russian oil giant Rosneft has a stake, was the largest buyer in the first week of March, according to the Kommersant report.
India’s top refiner, Reliance, tripled its oil imports from Russia to its terminal in Jamnagar.
Earlier this year, Reliance stopped crude purchases from Russia after the EU imposed a ban on the import of petroleum products made from Russian crude.
New Delhi is increasing its imports of Russian oil amid disruptions in crude supplies from the Middle East due to military action and the virtual blockade of the Strait of Hormuz.
Analytics firm Kpler believes that Indian refineries will continue to favor Russian crude, which is still $18 per barrel cheaper than the UAE alternative, according to the Kommersant report.
India imports 85% of its oil and nearly half of its natural gas. About half of the country’s oil supplies and 55% of liquefied natural gas (LNG) shipments are routed through the Strait of Hormuz.
Cargo shipping traffic through the strait has come to a near standstill since the US-Israeli war against Iran began, pushing oil prices to as high as $120 a barrel earlier this month.
