India’s crude supply mix has seen a dramatic shift
Have India’s imports of Russian crude peaked?
Russia has leapfrogged Mideast sources to become India’s largest supplier, but flows may be poised to plateau
India’s crude supply mix has seen a dramatic shift over the last 18 months. Russia, which accounted for a meagre 2% of India’s oil imports before the war in Ukraine, now accounts for more than 40% of the country’s total. For ten months in a row between October 2022 and July 2023, Russia was the largest supplier for Indian crude importers. Russia has displaced traditional Middle Eastern crude suppliers by such a wide margin that Russian imports in July were higher than the combined imports of the next four-largest sources—Iraq, Saudi Arabia, the UAE and the US. ”India’s imports of Russian crude are likely to slow in the coming months with Russia scaling back its exports” Huang, Vorte
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