India is expected to increase its oil purchases from Russia
(MENAFN) India is expected to increase its oil purchases from Russia in the coming months, with refiners being offered substantial discounts, according to reports. Russian Urals crude is being sold to India at $2 to $2.50 per barrel below Dated Brent prices.
Oil imports from Russia are projected to rise by 6% in October, averaging roughly 1.7 million barrels per day. This comes despite the 25% US tariffs imposed on most Indian goods tied to its continued Russian oil purchases.
India, the world’s third-largest oil consumer and importer, has experienced a shift in energy sourcing since the escalation of the Ukraine conflict, with Russia becoming its top supplier since February 2022. Russian crude made up 34% of India’s oil imports in September.
Following additional Western sanctions in July, India affirmed it would continue buying Russian oil if the price stays below $47 per barrel. Indian refiners have stressed they will only purchase shipments transported on non-sanctioned vessels and avoid dealings with blacklisted entities.
Washington has imposed 50% tariffs on Indian goods, including a 25% penalty specifically linked to Russian oil imports. India has resisted scaling back, viewing the US measures as economic pressure.
Indian state-owned oil firms are also seeking supply flexibility and negotiating with Middle Eastern and African producers for long-term contracts in 2025. With energy demand expected to rise, experts project India could become the world’s largest oil consumer by 2050.
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