In January 2024, India’s crude oil imports from Russia hit a one-year low at 1.209 million barrels per day (mbd). Contributing factors include narrowed Russian crude discounts, recent US sanctions affecting Russian crude shipments, and increased tanker premiums following Red Sea incidents. While Russia remains India’s primary crude supplier, its share has been declining. Analysts suggest that Indian refiners may increase imports from the Middle East in the coming months. Despite Russia’s prominence, India has diversified its sources, with increased imports from traditional partners. Notably, Iraq’s crude imports rose, emphasizing a shifting landscape in India’s energy trade dynamics.
India’s Crude Import Dynamics Shift Amidst Global Challenges
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