Overview

• Provisional Kpler data shows flows at 1.60 million barrels per day, down 5.4% from August, with Russia still supplying over one‑third of India’s crude.
• State-run refiners cut Russian intake to about 605,000 bpd, while private processors lifted purchases to roughly 979,000 bpd.
• Industry sources cite higher freight costs and narrower discounts on Russian grades as the main drivers of the monthly dip rather than U.S. pressure.
• Crude deals are usually fixed six to eight weeks before delivery, so September volumes reflect buying decisions made in July and August.
• The U.S. imposed an additional 25% tariff on most Indian goods in late August over Russian oil purchases, and October shipments are viewed as the first real test of any policy impact.