22-05-2025
India's oil imports from Russia surge
India's imports of Russian crude oil are expected to reach around 1.8 million barrels per day in May, the highest level in 10 months, Reuters has reported, citing ship-tracking data from Kpler. The surge is attributed to refiners purchasing more light grades, such as Russia's ESPO Blend.
Traders predict that the strong demand for lighter Russian grades will continue until July, driven by Indian refiners who have ordered over 10 cargoes of ESPO crude for June loading, the Reuters report added. ESPO crude refers to oil from the Eastern Siberian-Pacific Ocean pipeline.
The most recent purchases of Russian crude by India were made before the EU and UK imposed the latest round of sanctions targeting Moscow's so-called 'shadow fleet' of oil tankers and financial firms. Despite Western concerns, India has strengthened its economic ties with Russia and increased its imports of Russian crude oil throughout the Ukraine conflict.
India's imports of Russian crude oil, which were marginally down earlier in 2025, bounced back from March onwards. The surge is attributed to lower prices, which have made it more economical for refiners. Additionally, the decreased prices have led to an increase in the availability of non-sanctioned tankers, facilitating easier transportation of oil for Indian companies.
After the imposition of a round of Western sanctions on Moscow in February, New Delhi said it would continue purchasing Russian oil, provided that certain conditions were met. These included a sale price below $60 per barrel, transportation on tankers that are not subject to sanctions, and ensuring that transactions did not involve any sanctioned entities or individuals, according to the Financial Express.
Russian crude accounted for over 35% of India's total oil imports in March. The surge in imports in May has helped Moscow solidify its position as a major oil supplier to Asia's third largest economy.
