India’s Russian oil imports hit five-month low in September

India's imports of Russian crude fell to about 1.74 million barrels per day (bpd) in September, the lowest level since April, according to ship tracking data from Kpler. Total crude imports rose to roughly 5.3 million bpd, up 600,000 bpd from August and 700,000 bpd from a year earlier, driven by strong refinery runs and domestic fuel demand. The drop in Russian volumes was offset by higher Middle Eastern supplies, with Iraq and Saudi Arabia increasing shipments.

The Hindu Business Line reports that refiners bought costlier West Asian cargoes as Russian supply narrowed, partly because China continued importing significant Russian ESPO grade crude. Kpler analyst Sumit Ritolia said the decline does not signal a wholesale shift away from Russian oil, but refiners could reduce purchases if the US announces punitive measures targeting India. African and Venezuelan barrels have also contributed to diversifying India's crude slate.