India's Russian Oil Imports Hold Steady Amid Middle East Boost

India's imports of Russian crude oil have remained steady at around 1.8 million barrels per day in September, according to data from global commodities analytics firm Kpler.

This level is roughly consistent with August but lower than the 2.82 million bpd seen in July, when Indian refiners were buying heavily due to Western sanctions and a price cap regime that prompted Russia to redirect its oil exports towards Asia.

The decline in Russian imports was largely offset by increased supplies from Iraq and Saudi Arabia, with Iraq's volumes rising from 163,000 bpd in August to 505,000 bpd in September, while Saudi Arabia's deliveries jumped from 347,000 bpd to 576,000 bpd.

Nikhil Dubey, Lead Analyst for Refining at Kpler, notes that the reduction in Russian exports was also linked to lower Russian oil exports following disruptions to export infrastructure, and warns that a significant reduction in Russian crude purchases by India is unlikely in the near term due to energy security concerns and tight physical oil markets.