Share of Russian crude in India’s oil imports falls to lowest since November 2022; Middle East supplies rise

India, the world’s third-biggest oil importer and consumer has reshaped its crude sourcing strategy as Russian crude shipments in January made up the smallest portion of New Delhi’s oil imports since late 2022, according to data from industry sources, Reuters reportedDuring the same period, supplies from the Middle East rose to their highest share.Back in 2022, Russia emerged as India’s top crude supplier after Indian refiners began buying large volumes of discounted Russian oil following Moscow’s invasion of Ukraine. Over the period, Russian crude imports went from less than 1% of India’s total imports to nearly 40% at their peak.However, recent US sanctions on Russian suppliers and pressure to clinch a trade deal with the United States have forced New Delhi to scale back Russian oil purchases, the data showed. And China has, since November, replaced India as Russia’s top buyer of seaborne crude.India imported about 1.1 million barrels per day of Russian crude last month, the lowest since November 2022, with Moscow’s share in overall oil imports declining to 21.2%, the smallest share since October 2022, according to the data. January imports from Russia fell by 23.5% from December and by about a third compared to a year earlier, the data showed. Import levels are likely to fall further, with averages of 1 million to 1.2 million bpd in February and around 800,000 bpd in March, said Sumit Ritola, lead research analyst, refining and modelling at Kpler. “February numbers may appear slightly lower due to timing, as some end-month cargoes discharge in the following month,” he said, adding that Kpler expects Russian flows to India to gradually decline in the medium term rather than stop completely.