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17h ago

U.S. Sanctions Send India’s Russian Oil Imports to Three-Year Low in December

Analysts describe the pullback as a short-term adjustment triggered by sanctions on Rosneft and Lukoil.

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Drilling operations at a drill rig, operated by Rosneft PJSC. The Samotlor oil field near Nizhnevartovsk, Russia, March 21, 2017.Samotlorneftegaz is one of the largest extracting enterprises of Rosneft, which is developing the central and south-western part of the Samotlor oil and gas field, one of the largest fields in Russia.The area of the license block of Samotlor, developed by Samotlorneftegaz is 1,751 sq. meters. At the field there are about 8,300 production wells and more than 2,700 injection wells, with the latest high-tech equipment. The length of the oil pipelines 1,140 km, water pipelines 1,223 km, other pipelines 2,833 km.
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Russian oil imports into India likely to fall in December

Overview

  • India’s Russian crude imports fell to about 1.1–1.2 million barrels per day in December from 1.84 million in November, the lowest since late 2022, according to Kpler.
  • Russia still ranked as India’s largest supplier for the month, though its share slipped to under 25% of total crude imports from roughly a third in November.
  • Direct loadings from Rosneft and Lukoil collapsed, with their combined share of Russian oil bound for India dropping to about 17% in December from more than 60% in November.
  • New and largely UAE-linked intermediaries, including Redwood Global Supply, Alghaf Marine and RusExport, expanded shipments to Indian refiners as sanctioned entities receded.
  • Indian buyers curtailed dealings with designated firms and increased purchases from the Middle East, West Africa and the Americas, with IOC seeking 24 million barrels from the Americas as analysts forecast a gradual recovery in Russian flows from January.