Overview

• India took 1.61 million barrels a day of Russian crude in September, down from 1.72 million in August, giving Russia a 33.3% share of Indian imports, according to Kpler.
• Russia’s seaborne crude exports averaged 3.62 million barrels a day in the four weeks to September 28, the highest since May 2024, tanker-tracking data compiled by Bloomberg show.
• A 50% U.S. tariff on imports of Indian goods has not triggered a sharp pullback, and Indian officials have indicated deeper cuts to Russian oil would require access to Iranian and Venezuelan barrels, according to reports.
• Rising freight costs to India and a narrowing Urals discount tempered spot buying, yet Kpler notes Russian grades remain among the most economical feedstocks for Indian refiners.
• Indian refiners are widening their supply mix, with Iraq shipments up to 904,000 barrels a day in September and traders reporting Urals discounts improving to more than $3 a barrel for November delivery.