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Russian crude oil exports to India

Updated 1 time since CLSTR started tracking revisions of this situation.

What changed

2026-10-17 10:12 UTC → 2026-10-22 11:32 UTC · added removed

India has maintained its position as the largest a major buyer of Russian seaborne crude, averaging approximately 1.8 million barrels per day. This demand is was largely driven by significant price discounts, with Urals-grade crude trading at an average discount of $23 per barrel compared to Brent in September. India’s market share of Russian imports has grown grew from less than 2% prior to February 2022 to periodic levels between 40% and 50%. However, shipping costs for Russian Urals crude from Black Sea ports to India have reached record highs. The cost for a single one-way voyage using a highs, with Suezmax tanker has risen to voyages costing between $27 million and $30 million, up million. These elevated expenses, alongside increased competition from China, have begun to shift India’s procurement strategy. In September, India’s reliance on Russian oil declined by 14% month-on-month to roughly $19 1.8 million barrels per day, causing Russia’s share of India’s total oil imports to drop from 46.6% in August to 33.5% in September. Freight rates for Urals crude Concurrently, imports from the Middle East surged to Asian markets are reportedly reaching $30 approximately 2.8 million barrels per barrel or more due day, representing 54% of India’s total crude purchases. This shift is attributed to increased risks in the Black Sea and rising global tanker market rates. These elevated expenses are limiting Russia’s ability costs of Russian Urals, which have become comparable to fully benefit from high oil prices Middle Eastern grades such as Moscow utilizes longer, more expensive export routes. Iraqi oil.

Versions

  1. 2026-10-22 11:32 UTC Russian crude oil exports to India
  2. 2026-10-17 10:12 UTC Russian crude oil exports to India

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