India Russian Oil Imports Drop 29 Percent in September

India reduced its imports of Russian crude oil to 1.82 million barrels per day in September, marking a 29 percent decline from July levels. Despite this drop, India remains the largest global destination for Russian oil, ahead of China, which imported 1.49 million barrels per day.

Data from Kpler indicates the slowdown was driven by tighter supply and increased competition from Chinese refiners, who shifted toward Russian barrels as access to Iranian crude diminished. Sumit Ritolia of Kpler noted that the moderation was not solely a response to US tariff pressure, but also a result of availability and Chinese competition.

To diversify its energy sources, India increased imports from the Americas, the Middle East, and Venezuela. Venezuelan exports to India reached approximately 257,000 barrels per day in September. Reliance Industries' Jamnagar complex acted as the primary buyer due to its ability to process heavy, high-sulphur grades, while state-owned refiners purchased Venezuelan oil only on an opportunistic basis.