Russia Is No Longer India's Main Oil Supplier
- 19.02.2026, 17:47
It became known who dropped her from the top spot.
After two years of rapid growth in supplies, Russian oil is beginning to lose ground in the Indian market. In January, the share of Russian oil in India's import structure fell to its lowest level since the fall of 2022, a period when the country was just beginning to actively buy crude from Moscow after the start of Russia's full-scale invasion of Ukraine.
This is informed by Reuters.
Before 2022, cooperation in this area was limited, but sanctions pressure on Russia and significant discounts quickly made it a key supplier for Indian refineries. But now the situation is changing markedly.
Middle East regains leadership
With Russian supplies dwindling, India has significantly increased purchases from the Middle East. As a result, the region's share reached about 55% of total imports, while Russian crude took only about 21.2%.
A similar pattern has not been seen since late 2022, a period when the Urals grade, which Europe was abandoning, was actively displacing Middle Eastern grades in the Indian market.
According to Kpler analyst Sumit Ritola, the February data already shows a further strengthening of Saudi Arabia's position. Imports from the kingdom reached record highs, allowing it to once again become India's top oil supplier.
In addition, the share of imports from Latin America reached about 10% in January, the highest level in 12 months, reflecting the country's desire to expand its range of suppliers and reduce its dependence on certain regions.
The sharp decline in supplies from Russia
In January, India imported about 1.1 million bpd of Russian crude, down 23.5% from December and about a third from a year ago.
Analysts predict the decline could continue. If in February the volume of supplies will remain at the level of 1-1.2 million barrels per day, then in March it can fall to about 800 thousand barrels.
Despite the decline in the share, experts believe it is unlikely that India will completely abandon Russian supplies in the medium term.
The share of purchases will remain due to long-term contracts and infrastructure dependence of certain refiners. In particular, Nayara Energy, controlled by Russia's Rosneft, will continue to receive Russian raw materials.