Indian Oil Refiners Cut Russian Crude Imports

Indian oil refiners are reducing their purchases of Russian crude oil after Ukrainian attacks on Russian refineries and Black Sea ports limited Moscow's export capacity. Imports are expected to drop to approximately 2 million barrels per day this month, a decrease from 2.8 million barrels per day in July.

To compensate for the shortfall and meet rising domestic demand as plant maintenance ends, Indian Oil Corporation and other major processors are seeking alternative supplies from West Africa, the Americas, and the Persian Gulf. This shift occurs despite ongoing disruptions in the Strait of Hormuz caused by the US-Iran war.

Indian Oil Corporation, Hindustan Petroleum Corporation, and Mangalore Refinery & Petrochemicals Ltd. have responded by issuing tenders or making snap purchases of non-Russian crude. Procurement patterns are further shifting as China increases its competition for available Russian oil grades.