India’s oil imports from Russia paused a bit in the middle of the year, dipping in July and August as European Union restrictions tightened on Moscow’s fuel. Yet traders and analysts expect a reopening of higher purchases later this year, driven by market dynamics and policy signals shaping energy flows. The Economic Times, citing Vortexa analysts, outlines how India’s buying pattern has evolved in this window.
Industry figures suggest that India brought in just over 738 thousand barrels of Russian oil in August. This mark shows an 18% drop from July and is roughly a quarter lower than the level seen in June. While the numbers fluctuated month to month, the overall trend points to a cautious approach amid shifting sanctions and pricing options, with buyers weighing supply assurances and shipping costs against the backdrop of EU constraints. Attribution: Vortexa data via market observers.
Since May, data indicate Russia’s share of India’s total oil imports has hovered around one-fifth, when excluding conventional shipments from the Middle East, West Africa, and the United States. This roughly 20% share signals a persistent role for Russian oil in India’s energy mix, even as other suppliers compete for market share and pricing leverage on the global stage. Attribution: Vortexa analysis.
In August, Russia slipped to third place among India’s top crude exporters, while Saudi Arabia climbed two spots to lead the supplier list. The shifting ranking underscores the competitive dynamics among major producers as buyers adjust volumes in response to price, risk, and policy considerations. Attribution: Vortexa observations.
Reports emerging on September 1 from Bloomberg indicate that India has surpassed China in purchasing Far Eastern ESPO crude since sanctions began in early 2022. The August data show India ordered six tankers carrying ESPO oil, highlighting New Delhi’s continued appetite for this grade and the ongoing strategic leverage of the Far East supply corridor. Attribution: Bloomberg coverage of ESPO imports.