India’s Russian Crude Imports Plummet 29% from July High as China Increases Purchases.

In September, India’s crude oil imports from Russia experienced a notable decline, cooling to approximately 1.82 million barrels per day (bpd), a sharp drop from peak levels earlier in the summer when imports reached over 2.5 million bpd. This contraction occurred as Chinese refiners intensified their purchases, resulting in tighter supply for Indian buyers. Meanwhile, Venezuelan crude has made a resurgence in India’s import portfolio, with flows accelerating since April; September marked imports of about 257,000 bpd from Venezuela.

The reduction in India’s purchases of Russian crude is influenced by several factors, with increasing competition from China cited as a critical driver. As China’s refiners have ramped up their intake of Russian oil—partly due to limited access to Iranian crude—India has found itself vying for the same shipments. Simultaneously, geopolitical shifts and supply chain challenges in the global market have necessitated diversification of crude sources, prompting India to renew its engagement with Venezuelan oil, despite the complexities of processing these heavier grades.

Short-term outlook for traders suggests a continuance of the current dynamics, where Indian crude imports could stabilize around 1.8 to 1.9 million bpd in October. The market will be closely monitoring how geopolitical developments and refinery capabilities evolve, particularly regarding the sustained uptake of Venezuelan oil. For investors, this offers a mixed picture; while Russian supplies may continue to play a significant role, the volatility linked to sourcing from Venezuela could lead to strategic opportunities amid fluctuating market conditions.

Source: Market Source

(Expert Note: This report was independently prepared by the Wealthova Commodities team.)