India’s Russian crude imports fall 29% from July peak as China boosts buying

India remained the world's largest destination for Russian crude oil imports in September, but its purchases fell significantly from mid-year peaks as Chinese buyers increased their demand, according to analysis by Kpler ship-tracking data. India imported around 1.82 million barrels per day (bpd) of Russian crude oil in September, compared to about 1.49 million bpd for China.

This represented a 29% decline from July levels, where imports had reached 2.57 million bpd. Imports were 2.02 million bpd in August. Sumit Ritolia, senior manager at Kpler, noted that the decline in Indian imports is not solely due to US tariff threats, but also due to tighter availability and increased competition from China. Chinese refiners have drawn more Russian crude oil in recent months, partly because of reduced access to Iranian crude.

October imports are expected to stay around 1.8-1.9 million bpd, broadly flat from September. India has also started importing Venezuelan oil again after a long absence, with flows accelerating since April. The US remains the largest destination for Venezuelan oil, while India imported around 250,000-300,000 bpd in August and September.