Russia has overtaken the United Arab Emirates to become India's largest oil supplier, with Indian refiners taking advantage of the opportunity to buy crude at reduced prices, according to preliminary ship-tracking data from OilX and Kpler, Reuters reports.
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India, the world's third-largest oil importer and consumer, relies on cheap oil from Russia to cut import bills despite Western efforts to cut Moscow's revenues during the war in Ukraine. Russia has been India's top oil supplier for the past two years.
India imported about 3 million tonnes (74,000 barrels per day) of oil from April 2024 to March 2025, with Russia supplying more than half, compared with just 14%-16% of the total the previous year.
“We will buy where it is cheaper,” Prabh Das, managing director and chief executive of Indian oil refiner HMEL, told Reuters.
This week, Russian oil was $14-$15 a ton cheaper than Middle Eastern crude, stimulating demand. Meanwhile, the UAE's share of the Indian market has fallen to 20%, almost half of last year's level.
Russia has rerouted oil exports to Asia after Europe banned imports of Russian oil due to a full-scale invasion of Ukraine in 2022.
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