State-run refiners sharply cut oil imports from Russia

Private firms seek to keep pace of imports Arunima Bharadwaj

- Arunima Bharadwaj

While India's imports of Russian oil declined by 24% on-year in July, the drop in inward shipments by the Eurasian country was more pronounced among state-run refiners, while private-sector companies sought to keep the pace of imports.

Indian refiners now seem to be increasing their intake of US WTI crude and West Asian barrels.

Analysts say the drop in imports reflects maintenance shutdowns, demand, and heightened compliance sensitivity amid mounting geopolitical risk.

Private refiners, who account for over 50% of Russian crude intake, have also begun reducing exposure, with fresh procurement diversification underway as concerns over US sanctions intensify, said Sumit Ritolia, lead research analyst, refining & modeling at Kpler.