India's Russian Crude Oil Imports Hit Almost 40% in May, Defying Sanction Warnings

India imported 1.95 million barrels per day (bpd) of crude oil from Russia until May 28, according to news reports. This was slightly higher than April’s 1.93 million bpd. Russian oil accounted for close to 40% of India’s total crude imports for the month. The bulk of this consisted of the Urals grade, which remained priced below the $60 per barrel cap imposed by Western nations.

Russian Crude Oil Import Volumes Rise to India

India’s total crude oil imports stood at 4.97 million bpd in May, compared to 4.85 million bpd in April. The rise was linked to a decline in refinery maintenance shutdowns. For example, Reliance Industries’ Jamnagar refinery completed its planned maintenance by April-end, allowing for increased intake in May.

Breakdown by Country

Crude oil imports from Iraq rose to 1.09 million bpd in May from 835,000 bpd in April. Supplies from the UAE also increased, reaching 495,000 bpd compared to 268,000 bpd in April. Imports from Saudi Arabia saw a slight uptick to 568,000 bpd from 539,000 bpd. In contrast, imports from the United States dropped to 228,000 bpd from 337,000 bpd.

Sanctions and Pricing Context

Russian oil imports continued despite multiple rounds of sanctions. Earlier this year, the US sanctioned companies like Gazprom Neft and Surgutneftegaz, along with tankers shipping Russian oil. Still, discounted rates kept Russian barrels flowing into India. On May 26, US President Donald Trump again threatened sanctions on Russia.

Read More: Best Oil and Gas Stocks in May 2025.

Crude Oil Buyers

Indian Oil Corporation (IOC), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) led the state-run purchases. Private firms such as Reliance Industries and Nayara Energy also imported Russian crude.

Conclusion

Russia remained India’s largest crude supplier in May, while imports from the Middle East saw moderate increases. Total oil inflows rose month-on-month as refiners resumed operations post-maintenance.

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