Overview
- December arrivals of Russian crude to India are tracking around 1.1–1.2 million barrels per day versus 1.84 million in November, the lowest since late 2022, according to Kpler data cited by multiple outlets.
- Major refiners including Reliance, Hindustan Petroleum, HPCL‑Mittal and Mangalore Refinery paused purchases linked to designated entities, while Rosneft‑backed Nayara continued heavy Russian intake, and Russia still ranked as India’s top supplier with a smaller share.
- Rosneft and Lukoil’s share of Russian loadings bound for India slid to 17.4% in December from 63.1% in November as lesser‑known intermediaries such as Redwood Global Supply, Alghaf Marine and RusExport stepped in, vessel‑tracking shows.
- Indian Oil Corporation said it will comply with sanctions and is seeking about 24 million barrels from the Americas in the first quarter to backfill lost Russian barrels.
- Analysts describe the drop as a near‑term adjustment with volumes likely to recover gradually as intermediated trade grows, noting that sanctions target specific companies rather than all Russian oil and that Urals discounts have narrowed to about $6.50 a barrel.