Indian refiners have splurged on Russian crude in the last two months and expect to continue buying at current lofty levels for the rest of the year, as the country navigates a Middle East supply crunch and the threat of US sanctions begins to fade.Income Tax GuideIncome Tax Union Budget FY 2026-27 LiveIncome Tax Slabs FY 2025-26Income Tax Calculator 2025Executives at leading refiners said they expected a US waiver allowing the purchase of Russian oil to be extended before it expires in the coming days.
But purchases are unlikely to drop back even without that, given a dearth of supply options, they added.
They asked not to be named as the issue is sensitive.Imports from Russia averaged 1.98 million barrels a day in March, the highest since June 2023, according to data from intelligence firm Kpler.The figure has dipped in April to an average of 1.57 million barrels a day — but that’s largely because Nayara Energy’s 400,000 barrel-a-day refinery, which runs largely on Russian crude, has shut down for maintenance.
Volumes are expected to pick up again from next month, the executives said.Pressure mounts“India is grabbing all the Russian crude it can get its hands on,” said Vandana Hari, founder of Singapore consultancy Vanda Insights.
“I expect India to continue maximising Russian intake as long as its flows from Persian Gulf remain crimped.”The world’s third-largest oil importer went from taking only a fraction of its crude from Russia to becoming the largest seaborne buyer after the invasion of Ukraine in 2022, as India seized....
