NEW DELHI: New Delhi: Russia remains India’s biggest source of oil, accounting for 34% of inbound shipments in September, although volumes fell 10% in the first eight months of 2025, according to commodities and shipping market tracker Kpler.The agency’s latest report puts India’s crude oil imports at more than 4.5 million bpd (barrels per day) in September.This was an increase of 70,000 barrels from August but unchanged from the same period last year, the report said. In addition, Russian oil accounted for slightly less than 1.6 million bpd, or 34% of crude oil imports. India’s total crude oil imports were broadly in line with expectations at 1.6 million bpd in October. However, Russian crude oil shipments fell by 180,000 compared to average import volumes in the first eight months of 2025, the report said.The decline in imports is entirely due to market dynamics and not to the US threat of tariffs and European criticism of India’s continued purchase of these barrels.Industry observers said falling oil prices had pushed the discount on Russian crude to about $2 a barrel. This has opened arbitrage windows for Indian refiners capable of processing a wide range of crude oil, and they are tapping into more West Asian, African and US sources. The decline in fuel demand, especially diesel, the country’s top-selling fuel, during the monsoon also contributed to a slight shift away from Russian crude, particularly due to the low discounts.“We buy crude oil according to economic considerations. We do not make any additional efforts to increase or decrease Russian crude oil.” Indian oil Chief Executive Officer Arvinder Singh Sahney had recently told TOI that the choice of crude oil depends on whether the price and yield match the planned products at a particular point of time.Despite the decline, Kpler said Russian barrels will continue to be among the most economical feedstock options for Indian refiners due to their high GPW (gross product margin) and price discounts compared to alternatives as refining operations pick up to meet fuel demand during the festive season (Oct-Dec).
