India increased oil purchases in the Middle East and cut imports from Russia — OilPrice

In September, India increased imports of crude oil from Middle Eastern countries while reducing purchases from the Russian Federation, an aggressor state. According to data from analytics company Kpler, cited by OilPrice, supplies from the Middle East averaged 3 million barrels per day, while supplies from Russia amounted to 1.75 million barrels per day.

Changes in the supply structure

In August, supplies of Russian oil to India averaged 2.1 million barrels per day. Earlier, Kpler forecast that the average daily volume of Russian imports in September would be 1.9 million barrels.

At the same time, Russia retained its status as the largest individual supplier of crude oil to India, despite its share declining in September. India's total oil imports amounted to 5.3 million barrels per day — 600,000 barrels more than in August and 700,000 barrels more than a year earlier.

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Russian oil remains important

Kpler analyst Sumit Ritolia stated that Russia remains an important part of India's oil import structure, and the latest reduction in purchases does not mean the country is completely abandoning Russian crude.

India is the second-largest importer of Russian oil after China. In recent months, supplies from Russia accounted for nearly half of all of India's crude oil purchases. According to the publication, due to purchases of Russian oil, India may face US tariffs of up to 100% on goods exported to the US market following the latest sanctions package.