Oil imports from Russia remain resilient

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- ARUNIMA BHARADWAJ

INDIA'S RUSSIAN OIL imports have remained resilient in September, with volumes in the first twelve days already surpassing the total imports recorded in August, according to an analysis of data provided by Kpler.

The country imported 1.87 million barrels per day (mbd) of Russian oil as of September 12, significantly higher than 1.66 mbd imported in the entire month of August despite the rising scrutiny from the US over India's purchases of Russian oil.

"While intake of Russian crude loadings has appeared steady in August and September, this reflects the timing of contracts rather than immediate reactions to external pressures," said Sumit Ritolia, lead research analyst, refining & modeling, Kpler.

He pointed out that since deals are typically fixed 6-8 weeks in advance, August and early September arrivals stem from agreements made in July.

"The true impact of new tariffs, payment challenges, or shipping frictions will only begin to surface from late September onwards or into October," he said.

Meanwhile, India continues to balance between discounted Russian grades and reliable West Asian supplies to ensure security and avoid overexposure to geopolitical shocks.

The country imported 844,000 bpd of crude oil from Iraq as of September 12, up from 730,000 bpd imported in August. Shipments from the US reached 271,000 bpd, surpassing August levels of 230,000 bpd.