In April, India imported more crude oil from Russia than from Saudi Arabia and Iraq combined for the first time, according to data cited by Bloomberg and drawn from the analytical firm Vortexa.
“Russia’s oil imports to India surpassed the total deliveries from Saudi Arabia and Iraq last month,” the Bloomberg report stated, reflecting a shift in the country’s crude sourcing pattern.
Vortexa’s figures show India imported about 1.7 million barrels per day (bpd) from Russia in the referenced month. By contrast, India’s imports from Baghdad stood at 812,000 bpd and from Riyadh at 671,000 bpd in April.
Looking back, India’s import trajectory shows Russia becoming a more prominent supplier in 2023. In March 2023, India sourced roughly 1.6 million bpd from Russia, up from about 270,000 bpd in March 2022, signaling a substantial shift over a year that continued into 2023.
Analysts at Kpler had earlier suggested that India’s growing raw materials purchases from Russia could influence Europe’s energy landscape. They noted that by late April 2023, India might emerge as a major supplier of oil products to European countries, given evolving trade flows and refining capacity in the region.
In the latter part of April, Bloomberg reported a communication from a senior official in India’s Ministry of Finance regarding restrictions on the distribution of dividends by Indian energy companies from investments in Russian assets. The implications of these limits were framed within the broader context of financial controls and sanctions compliance impacting international energy investments.
Overall, the April data underscores a notable realignment in India’s crude import mix, with Russian supplies gaining share at the expense of traditional Middle Eastern sources. The development has implications for India’s energy security, refining operations, and its role in global oil markets, as well as for trading partners observing shifts in supply chains and pricing dynamics. The exact impact on price formation, refinery utilization, and strategic stock decisions will depend on ongoing market conditions, regulatory developments, and the evolving trajectory of sanctions and financial restrictions across major economies. Analysts will continue to monitor monthly import data to assess whether the April pattern represents a lasting change or a temporary fluctuation in response to short-term factors.