India has secured 60 million barrels of Russian crude oil for April delivery, marking a sharp increase in imports as the West Asia crisis disrupts traditional supply chains.
Bloomberg reported that refiners booked cargoes at premiums ranging from $5 to $15 per barrel to Brent, easing immediate concerns over shortages.
Indian refiners recalibrated their sourcing strategy after flows through the Strait of Hormuz became constrained. Data from Kpler showed April-bound volumes more than doubled compared to February, underscoring the urgency of India’s shift.
The surge followed a waiver from the United States that allowed India to procure Russian oil loaded before the March deadlines. This flexibility became critical as Persian Gulf supplies from Saudi Arabia and Iraq remained stranded. Refiners such as Mangalore Refinery & Petrochemicals Ltd. and Hindustan Mittal Energy Ltd. resumed purchases after months of avoiding Russian crude.
Officials in New Delhi expect the waiver could extend if disruptions continue. Russia has benefited from the renewed demand, with revenues reaching their highest levels since March 2022. Elevated prices and rising export volumes have strengthened Moscow’s position in global energy markets.
For India, the move highlights the importance of diversification and adaptability in energy sourcing. By tapping Russia and other suppliers, the country aims to cushion itself against volatility. The situation remains fluid, with future imports hinging on developments in West Asia and the reopening of key shipping routes.
