Indian Refiners Turn to Latin America and Africa to Replace Russian Oil

17 Mar 2025 CW Team

India's crude oil imports from Latin America and Africa increased slightly in February as refiners sought alternative sources, fearing disruptions in Russian oil supplies due to stricter US sanctions, according to trade data.

India became the largest buyer of discounted Russian oil after Western sanctions were imposed on Moscow following its 2022 invasion of Ukraine.

In February, Russian oil imports fell by 3% compared to January, amounting to about 1.54 million barrels per day (bpd), with Russia's share in India's total oil imports dropping to its lowest since January 2024.

India's oil imports from Africa rose to 330,000 bpd in February, up from 143,000 bpd in January, while imports from South America surged 60% to 453,600 bpd.

Following the imposition of sweeping US sanctions on Russian oil producers and tankers in January, disrupting supply from the world's second-largest oil producer, Russia's share of India's total oil imports declined to around 30.5%, while Latin America's share increased to 9%, the highest since December 2021.

In February, India received a rare shipment of Gabon's Etame grade oil and for the first time, Argentina's Medanito oil.

Indian refiners maximised their purchase of Russian oil ahead of a US-imposed deadline on February 27 to settle some energy deals, with several vessels carrying Russian oil arriving in Indian ports towards the end of the month.

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