India Ramps Up Russian Oil Imports to 60 Million Barrels Amid Supply Concerns

Indian refiners have purchased about 60 million barrels of Russian crude for delivery next month. The buying comes amid tightening supply conditions caused by disruptions in the Middle East.

The ongoing conflict has impacted shipping flows, particularly through the Strait of Hormuz, a critical global oil transit route. As a result, India has moved to secure additional cargoes to maintain supply continuity and reduce immediate supply risks.

Volume Trends and Pricing Details

The purchase volume of 60 million barrels is broadly in line with procurement levels seen in the current month. However, it is more than double the volume recorded in February, indicating a sharp rise in buying activity.

The cargoes were booked at premiums ranging from $5 to $15 per barrel over Brent crude prices. This pricing reflects tighter supply conditions and increased competition among buyers in the international market.

Impact of US Waiver on Purchases

The increase in imports follows a US waiver that allowed India to procure Russian oil under defined conditions. Initially, the waiver applied to cargoes loaded before March 5, and it was later extended to include shipments already at sea before March 12.

This adjustment enabled refiners to access available supply despite logistical disruptions. The waiver played a key role in supporting India’s efforts to bridge supply gaps during the crisis.

Shift in Sourcing Strategy

India had reduced its dependence on Russian oil towards the end of 2025 amid geopolitical pressures. During that period, refiners increased imports from suppliers such as Saudi Arabia and Iraq.

However, the escalation of tensions in the Middle East disrupted flows from the Persian Gulf region. This shift in supply dynamics prompted refiners to increase purchases of Russian crude once again.

Diversification Towards Alternative Suppliers

In addition to Russian oil, Indian refiners are also exploring alternative sources to diversify supply. Imports of Venezuelan crude for April delivery are projected at around 8 million barrels.

This would represent the highest level of such imports since October 2020, according to available data. The diversification strategy aims to reduce dependency on specific regions and enhance supply resilience.

Read More: India’s Strategic Oil Reserves Reach Two-Third Capacity Amid Supply Concerns.

Conclusion

India’s procurement of 60 million barrels of Russian oil highlights its response to evolving global supply constraints. The move reflects a strategic effort to maintain stable crude availability amid disruptions in key trade routes.

Increased reliance on Russian crude, along with diversification into other sources, indicates a flexible sourcing approach. The development underscores the impact of geopolitical factors on India’s energy procurement decisions.

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