RUSSIAN OIL: CRUDE FACTS & FIGURES

With shrinking discount, India may diversify but not fully stop supplies from the country

- Rakesh Kumar @New Delhi

India's crude oil import strategy underwent a dramatic shift beginning February 2021, as the country ramped up purchases from Russia. Within months, Russian Urals crude—which previously accounted for just 0.2% of India's total crude imports—became a leading source, surpassing traditional suppliers like Iraq and Saudi Arabia.

Russian crude imports peaked at 2.15 million barrels per day (bpd) in May 2023 and have since fluctuated based on available discounts and global market dynamics. During the first half of 2025, Russia remained India's top crude supplier, delivering an average of 1.67 million bpd—a marginal rise from 1.66 million bpd a year earlier.

This surge in Russian imports has not gone down well with Western nations, particularly given Russia's ongoing war with Ukraine, a NATO ally. Critics have accused India of propping up the Russian economy and indirectly financing the war. India's Petroleum Minister Hardeep Singh Puri, however, has defended the country's energy strategy, asserting that India—the world's third-largest oil consumer—has diversified its sourcing from 27 to 40 countries and will continue to purchase crude based on cost-efficiency.