Data compiled by industry monitors shows that the Russian share of India’s oil imports in January fell to its lowest level since late 2022. The drop was observed amid a broader reshuffle of crude supply routes and purchasing patterns. Analysts noted that the shift reduced the relative weight of Russian barrels in India’s overall crude basket. The development follows months of adjustments by Indian refiners as they balance cost, availability and contractual obligations.

Imports from the Middle East increased over the same period, with Saudi Arabia and other Gulf producers appearing to supply a larger share of cargoes to meet domestic refinery needs. Traders observed greater activity on seaborne routes from Gulf loading hubs and refiners adjusted intake to optimise processing schedules. Changes in freight economics and shipping availability also appear to have influenced sourcing choices. The net effect was a visible repositioning of India’s crude procurement mix for the month.

The decline in Russian participation does not imply an absence of Indian purchases of Russian grades over the whole year; purchasing decisions have remained responsive to price signals and contractual frameworks. Refiners continued to manage inventory levels and feedstock quality while seeking to preserve margins amid volatile international benchmarks. Policy considerations, including strategic reserves and diplomatic relations, remained part of the calculus behind sourcing. Market participants said the monthly snapshot reflected short term dynamics rather than a permanent rerouting.

Looking ahead, analysts expect India’s crude import pattern to continue responding to global supply flows, price differentials and refinery maintenance schedules. Any sizeable shifts in Organisation of the Petroleum Exporting Countries (OPEC) output or disruptions along key shipping lanes could prompt renewed adjustments in sourcing. Indian refiners and policy makers will monitor developments to safeguard refining operations and energy security. The monthly change underscored the fluidity of international crude markets and India’s active role as a major buyer.