India’s Russian Oil Imports Reach 10-Month High in May

India imported 1.96 million barrels per day (bpd) of crude oil from Russia in May 2025, the highest in ten months, as per a news report. The increase comes amid continued price differences between Russian crude and global benchmarks.

India’s Russian Oil Import Volumes 

India imported around 5.1 million bpd of crude oil overall during the month. Russia was the largest supplier, contributing over 38% of the total volume. Iraq remained in second place with 1.2 million bpd. Saudi Arabia shipped 6,15,000 bpd, followed by the United Arab Emirates at 490,000 bpd. The United States supplied 2,80,000 bpd.

Russian Oil Purchases

India began significantly increasing imports from Russia after the Ukraine conflict began in February 2022. Western sanctions on Russia led to a shift in trade flows, with Russian crude being sold at discounts to buyers in Asia. India, which previously relied more on Middle Eastern supplies, adjusted its sourcing strategy based on pricing.

At one point, Russian oil accounted for less than 1% of India’s total crude imports. Within months of the Ukraine war, that figure rose sharply to over 40-44%.

Pricing and Shipping 

Russian Urals crude remained cheaper than many alternatives. In May, the average Free on Board (FOB) price for Urals stood at around $50 per barrel, below the G7 price cap of $60. This pricing helped improve margins for Indian refiners and attracted additional shipping capacity. Kpler reported that at least 20 tankers, earlier used for non-sanctioned trades, were rerouted to carry Russian crude.

Read more: India's Russian Oil Imports Reach Peak Driven by ESPO Crude Demand!

Refinery Adjustments

As per news reports, Russian refinery throughput may increase in the coming months, potentially reducing exports by 1,00,000-3,00,000 bpd. This could impact India’s intake slightly after May. Seasonal refinery patterns, particularly during the monsoon, may also reduce crude runs.

Conclusion

Russia remained India’s top oil supplier in May, supported by price-driven demand and adjusted shipping routes. While Middle Eastern supplies continue, Russia has held a major share due to cost factors and trade realignments.

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