New Delhi: India scaled back its crude oil imports from Russia in September, spending €2.5 billion on Russian oil — a notable 14% drop from August, as per new data released by the Centre for Research on Energy and Clean Air (CREA), a Finland-based think tank tracking global energy trends.
Despite the decline, India remained one of the top consumers of Russian fossil fuels, ranking second only to China. In comparison, China imported Russian energy worth €5.5 billion during the same period.
Breakdown of Indian Energy Purchases from Russia
India’s overall purchases from Russia for September included:
-
Crude Oil: €2.5 billion (77% of total purchases)
-
Coal: €452 million (13%)
-
Refined Petroleum Products: €344 million (10%)
The report highlighted that India imported approximately 1.6 million barrels per day (bpd) of crude from Russia — the lowest daily volume since February 2025, and a 9% month-on-month drop.
Public Sector Refineries Reduce Russian Oil Intake
The dip in imports, CREA noted, was primarily driven by Indian government-owned refiners, who scaled down their Russian oil intake by roughly 38%. This marked the lowest volume of Russian crude imports by Indian state refiners since May 2022.
Discounted Russian Oil Still Attracts Private Buyers
Despite the overall decline, Russian oil remained an attractive option due to steep discounts. In September, Urals crude — Russia’s key export blend — traded at $5.13 per barrel less than Brent crude, a discount that was nearly 40% higher compared to August.
This pricing differential continued to incentivize private refiners, many of whom converted Russian crude into petrol and diesel for re-export, particularly to markets in Europe and other G7 countries, CREA said.
India’s Strategic Response to Global Energy Shifts
India’s growing energy ties with Russia began accelerating after the Ukraine conflict erupted in early 2022. As Western nations imposed sanctions and curbed imports from Moscow, India emerged as one of the few large-scale buyers willing to tap into Russia’s heavily discounted oil reserves.
This move not only helped India manage inflationary pressures but also enabled refiners to expand their export margins by reprocessing cheaper oil into high-demand fuels.
