India ramps up Russian oil purchases, locks 60 million barrels for April

Indian refiners have booked around 60 million barrels of Russian crude oil for delivery next month, as the country moves to secure supplies amid ongoing disruptions in global energy markets.

The large-scale purchase comes at a time when tensions in West Asia have impacted key shipping routes, particularly the Strait of Hormuz, leading to tighter crude availability. Refiners have stepped up procurement to avoid potential shortages and maintain steady fuel supply domestically.

According to reports, the cargoes have been booked at a premium of $5 to $15 per barrel over Brent crude, reflecting the current tight supply conditions and increased competition among buyers. The volume is similar to current monthly imports but more than double the levels recorded in February, indicating a sharp rise in demand.

The surge in imports follows a temporary waiver by the United States that allowed countries, including India, to procure Russian crude already loaded on tankers before specific deadlines. This provided refiners an opportunity to access additional supply despite geopolitical constraints.

India had reduced its dependence on Russian oil in recent months due to external pressures and had shifted towards suppliers such as Iraq and Saudi Arabia. However, disruptions in the Persian Gulf region have forced a recalibration of sourcing strategy, prompting refiners to return to Russian crude to stabilise supply.

In addition to Russia, Indian refiners are also exploring alternative sources such as Venezuela to diversify their crude basket and reduce risks associated with supply disruptions. This reflects a broader strategy to maintain energy security amid volatile global conditions.

India remains one of the world’s largest crude importers, and the latest purchase highlights its efforts to balance cost, availability, and geopolitical risks while maintaining stable fuel supply for domestic consumption.