India’s Russian Oil Imports Drop 20% in April Following March Surge

India’s Imports of Russian crude stood at about 1.57 million barrels per day (bpd) in April, a decline of 20% from March, as per the news report.  

The previous month had seen volumes rise close to 2 million bpd, driven by short-term supply factors. April numbers indicate a pullback from that elevated level. 

Shipments during the month were also affected by disruptions at a Russian Baltic Sea terminal following a Ukrainian attack, which constrained loadings. 

Supply Shift After March 

The higher intake in March was linked to crude already available in transit or held in floating storage.  

Disruptions in West Asian routes, including concerns around the Strait of Hormuz, led refiners to draw on these supplies. 

By April, most of these cargoes had been absorbed. With fewer additional barrels available outside regular shipments, import levels moved lower. 

Loading Patterns and Arrivals 

Crude shipments from Russia typically take several weeks to reach India. As a result, April arrivals reflected cargoes loaded in March, when volumes were about 1.5 million bpd. This broadly matches the April import figure. 

In comparison, loadings in February were lower at around 1.3 million bpd. This followed US sanctions that had reduced Indian orders at the time. 

Refiners’ Share 

Indian Oil Corporation remained the largest buyer, with imports averaging about 670,000 bpd between April 1 and 26. This was higher than its March intake of 589,000 bpd and accounted for roughly 42% of India’s total Russian crude purchases. 

Reliance Industries imported about 263,000 bpd. Other buyers included Bharat Petroleum Corporation at 136,000 bpd and Hindustan Petroleum Corporation at 83,000 bpd. Mangalore Refinery and Petrochemicals processed around 68,000 bpd, while HMEL handled about 66,000 bpd. 

Nayara Energy reduced imports to 28,000 bpd from 315,000 bpd in March due to a maintenance shutdown starting April 9. Around 262,000 bpd of imports were not clearly attributed. 

Wider Buying Base 

More Indian refiners are now sourcing Russian crude compared to the start of the year. Purchases had been limited in January following sanctions on key exporters, but activity picked up from February. 

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Conclusion 

April import levels show a moderation after the March increase. Lower availability of floating cargoes, earlier loading trends and export disruptions contributed to the decline. 

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