India's Russian Oil Imports Hit Nine-Month High

22 May 2024 CW Team

In April 2024, India's oil imports from Russia surged to a nine-month high of 1.96 million barrels per day (bpd), marking a significant 19% increase from March. This uptick highlights India's growing dependence on discounted Russian crude, which now constitutes 40.3% of India's total crude imports for the month. This is the first time in seven months that Russia's share has exceeded 40%, rebounding from a low of 33% in recent months.

India's increased imports from Russia come amidst geopolitical shifts and sanctions impacting traditional oil suppliers. Following the re-imposition of U.S. sanctions on Venezuelan oil, India has turned more heavily towards Russian crude. This strategic move has resulted in substantial financial savings, with India reportedly saving $7.9 billion on oil imports in the 2023-24 financial year by purchasing cheaper Russian oil.

Analysts attribute part of the increase to disruptions in Russian refining capacity due to Ukrainian drone strikes, which have prompted Russia to offload surplus crude oil. Despite these disruptions, Russia has maintained its export levels by offering attractive discounts, which have been pivotal in India becoming Russia's largest oil importer, surpassing China.

This reliance on Russian oil aligns with India's broader energy strategy, which aims to secure affordable energy sources to sustain its economic growth. The Indian government?s fiscal management and inflation control efforts benefit from these lower oil import costs, reinforcing the strategic importance of these energy imports in India?s economic planning.

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