Russian crude oil imports soar to 9-month high in March

Indian companies, however, are now paying a premium of $6-$7 a barrel for Russian oil, compared with discounts of $8-$10 a barrel before the start of the conflict..

India's crude oil imports from Russia climbed to a nine-month high of 1.96 million barrels per day (bpd) in March, as flows from West Asia tightened amid the ongoing war between the US-Israel combine and Iran, according to data from maritime intelligence firm Kpler. This marks a sharp rise from 1.04 million bpd in February.

Furthermore, Angola has emerged as one of the biggest crude oil suppliers to India amid attempts to source from West Asian alternatives.

Refiners in India accelerated purchases of Russian crude through March after Washington granted a 30-day waiver allowing countries to buy oil and petroleum products from Moscow that had been stranded at sea. The waiver is in place until April 11.

Refineries lean heavily on Russian crude

Since December 2025, India had scaled back petroleum imports from Russia, largely in response to trade negotiations with Washington and an expanding regime of sanctions imposed on Moscow by the US and the European Union.

In February, the US announced an interim trade agreement with India and lifted a 25 per cent additional tariff for Russian oil purchases, with American President Donald Trump asserting that New Delhi had committed to reducing such imports to zero. 

That trajectory has now reversed. With global supplies constrained by the war in West Asia, Indian refiners are leaning heavily on Russian crude to maintain fuel availability at home. Indian companies, however, are now paying a premium of $6-$7 a barrel for Russian oil, compared with discounts of $8-$10 a barrel before the start of the conflict.

India remains one of the world's largest crude oil consumers, with import dependence reaching as high as 90 per cent amid rising demand and stagnant domestic production.

Impact of West Asia Disruptions

At the same time, shipments from key West Asian suppliers have faltered. Imports from Iraq, Saudi Arabia and the United Arab Emirates have been disrupted as Iran continues to block vessel traffic through the Strait of Hormuz, a vital maritime chokepoint through which about 40 per cent of India's petroleum imports pass.

Data from Kpler shows that imports from Iraq fell by roughly 75 per cent to 240,000 bpd by March 30, down from 969,000 bpd in February. Supplies from Saudi Arabia declined by 43 per cent, though remained substantial at 576,000 bpd, compared with 1.01 million bpd a month earlier. To sustain exports, Saudi Arabia has increased shipments via its East-West pipeline, bypassing the Strait of Hormuz.

Imports from the UAE also dropped sharply, to 207,000 bpd in March from 554,000 bpd in February. Elsewhere, India nearly trebled its purchases from Angola to 333,000 bpd, while imports from the United States edged down to 167,000 bpd.

Overall, India's total crude imports fell to 4.45 million bpd in March, compared with 5.17 million bpd in February.