India’s Russian oil imports in October remain ‘robust’: Kpler data

India’s Russian oil imports in October remain ‘robust’: Kpler data

India's imports of Russian crude remain “robust”, tracking at approximately 1.8 million barrels per day at present, provisionally up by 250 thousand barrels per day from September, maritime data and analytics provider Kpler mentioned in a blogpost on Tuesday (October 21, 2025).

The blogpost added that Russian barrels remained the “largest single source of crude for India” accounting for about 34% of the overall share and entailed “compelling discounts” that are “too significant for refiners to ignore”.

Thus, it sought to infer that U.S. President Donald Trump's remarks initially made on October 15 suggesting India would reduce Russian crude imports, are “likely pressure tactics linked to trade negotiations rather than a reflection of an imminent policy change”. India's Russian oil purchases have been a single major point of contention in their negotiations for a favourable trade deal from the U.S. In fact, on as many as three occasions President Trump has reiterated the notion, also emphasising once that “it's a [gradual] process”. However, New Delhi has been firm in maintaining their commitment to safeguard interests of Indian consumers in a “volatile energy scenario”.

The blogpost held that India could consider moving back to their pre-2022 basket allowing more barrels to flow from West Asia, Latin America and the U.S. It added that Indian refiners also possess the ability to handle diverse crude grades which implies “minimal” technical constraint in doing so. However, with Moscow accounting for 30-35% of the Indian basket of late, the blog held, “Substitution would require rapid scaling from multiple suppliers, at higher costs (freight, weaker discounts). If margins compress or retail prices rise, the result could be inflation, political backlash and weaker refiner profitability.” It added that higher cost of crude could also contribute to worsening domestic operating budgets and put pressure of refiner credit lines. Thus, cutting Russian imports made it “difficult, costly and risky”, it held.

Kpler also observed though there has been a stronger push for diversification, Russian contracts are typically signed 6-10 weeks before arrival. “Rewiring all that takes time. In practice, Indian refiners are gradually broadening their baskets, not to replace Russia in the short term, but to enhance energy security and flexibility,” it mentioned.

In a separate development on Wednesday (October 22), privately-owned refiner Reliance Industries informed that it has decided to recalibrate their oil imports from Moscow. This comes after new sanctions being imposed by U.S. and Europe on Russian oil firms.

Published - October 23, 2025 07:26 pm IST

oil and gas - upstream activities / oil and gas - downstream activities / Russia / Donald Trump / economy, business and finance / economic trends and indicators / economy / products and services / international trade

Source: TheHindu
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