Oil Imports

India is exploring alternative LNG and LPG supplies to bypass the Strait of Hormuz as officials clarify that the US sanctions waiver covers Rosneft and Lukoil crude stranded at sea

US Treasury allows India to buy Russian oil already en route, signalling possible easing of sanctions on other Russian oil to address global supply gaps, says Scott Bessent

The US on Thursday allowed Indian refiners a 30-day waiver from sanctions to buy Russian oil loaded on vessels as of March 5. Approval related to Russia's oil sale to India is valid until April 4

While GL 46A allows financing activities related to transactions, alongside are sanctions on dealings with Venezuelan state oil company PdVSA

India's crude import strategy is entering a phase of calibrated rebalancing rather than abrupt realignment, with Middle Eastern suppliers led by Saudi Arabia regaining market share even as Russian volumes remain significant but increasingly shaped by geopolitics and compliance constraints, according to shipping data and analysts. During February 1-18, India's total crude imports averaged 4.85 million barrels per day (bpd), down 8 per cent from January's 5.25 million bpd, as flows from Russia cooled following US sanctions on key Russian exporters and the European Union's 18th sanctions package coming into effect last month. Ship tracking data showed Russian shipments to India declining from 1.28 million bpd in December 2025 to 1.22 million bpd in January and further to around 1.09 million bpd in early February, down about 10 per cent month-on-month. "Russian crude imports into India are estimated at around 1.0-1.2 million bpd in February, easing toward roughly 800,000 bpd to 1 millio

Russia will still be the country's biggest supplier this month if flows reach the top of Kpler's range at 1.2 million barrels a day, but shipments are set to drop even further

India's largest private refiner gets US general licence to purchase Venezuelan crude directly, potentially diversifying its crude slate and resuming imports after previous sanctions eased

The inquiry adds to ongoing scrutiny of the conglomerate, including a US bribery probe in which the group's chairman has been indicted

New ‌Delhi has not officially announced plans to halt Russian oil imports

Pax Silica and import commitments highlight opportunities and risks

Discounts for ESPO Blend, delivered from the Pacific port of Kozmino to China, widened to nearly $9 a barrel to ICE Brent this week, from $7-$8 in recent months

Trading houses Vitol and Trafigura were granted US licenses to market and sell millions of barrels of Venezuelan oil following the US military operation last month to capture President Nicolas Maduro

The country imported about 1.3 million barrels a day of Russian crude in December, according to data from ship-tracking firms Vortexa Ltd. and Kpler

On January 3, the US launched a large-scale operation in Venezuela's capital Caracas and captured President Nicolás Maduro and his wife Cilia Flores

Russia is alarmed by US seizures of tankers that carry illicit Russian oil, which helps fund its economy

There has been a sharp rise in shadow fleet tankers switching to the Russian flag in the past month, with at least 17 vessels having done so in recent weeks

India's imports of Russian crude are likely to dip below 1 million barrels per day ‌as New Delhi seeks to clinch a trade deal ​with Washington

India seeks weekly data on Russian and US oil buys as crude imports from Moscow may fall below 1 million bpd amid sensitive trade talks with Washington

India has gained the least since Russia invaded Ukraine in February 2022 and was penalized the most, while the US, China and the European Union emerged as the biggest beneficiaries from the war

Ties between the two countries have remained strong despite pressure from Western sanctions after Russian President Vladimir Putin met with Prime Minister Narendra Modi