Russia top oil seller to India...

“RUSSIAN CRUDE MAINTAINED its position as the largest single supplier... However, this was about 190,000 bpd below the average Russian volumes imported during the first eight months of 2025,” said Sumit Ritolia, lead research analyst, refining & modeling at Kpler.

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Kpler pointed out that freight costs into India from Russia remained a swing factor but it did not derail flows. Through late September and into early October, Urals-to-India freight costs rose, while Urals discounts narrowed versus September levels.

“This combination dented the arbitrage, cooling marginal spot buying and creating risks of delayed or reshaped loadings. Still, Russian barrels remain among the most economical feedstock options for Indian refiners given their high GPW (gross product worth) margins and discounts relative to alternatives,’ Ritolia said.

India continued to balance between discounted Russian grades and reliable Middle Eastern supplies to ensure security and avoid overexposure to geopolitical shocks.