Indian refiners trim Russian crude imports to five-month low

India's imports of Russian crude fell to approximately 1.75 million barrels per day in September, marking the lowest monthly average since April, according to ship tracking data analyzed by global commodities firm Kpler.

The decline reflects a strategic shift by Indian refiners seeking to reduce concentration risk amid ongoing geopolitical tensions. Russian imports have contracted sharply from 2.65 million barrels per day in July and 2.02 million barrels per day in August, signaling a deliberate rebalancing of supply sources.

Despite the pullback from Russian suppliers, India's total crude oil imports climbed substantially to 5.3 million barrels per day in September—up 600,000 barrels daily from August and 700,000 barrels daily year-on-year. The increase reflects heightened refinery utilization rates across the country.

Middle Eastern producers have capitalized on the shift. Iraq boosted supplies to 575,000 barrels per day from just 163,000 in August, while Saudi Arabia increased volumes to 566,000 barrels daily, effectively compensating for reduced Russian inflows. The supplier diversification underscores Indian refiners' preference for multiple sourcing options despite Russia's historically competitive pricing.