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Informist, Wednesday, May 28, 2025

 

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--Kpler: India May crude oil imports at around 5.1-5.2 mln bpd
--Kpler: India's crude oil imports from Russia at around 2 mln bpd in May
--Kpler: Russia accounted for highest share in India's May crude oil imports
--Kpler: Iraq 2nd largest crude oil supplier to India at 1.2 mln bpd in May
--Kpler:Saudi Arabia 3rd largest oil supplier to India at 568,000 bpd in May
--Kpler: India crude oil imports from US at 300,000 bpd in May, in top five

 

By Ashutosh Pati and Pallavi Singhal

 

MUMBAI/NEW DELHI – India's crude oil imports rose to 5.1-5.2 million barrels per day in May, with Russia emerging as the top exporter of the commodity to the country. The development comes in spite of sanctions and political pressure by the West, largely on account of Russia offering significant price discounts, making its crude oil an attractive option for India, according to global real-time data and analystics provider Kpler. India's crude oil imports from Russia were around 2 million barrels per day in May.

 

India's crude oil imports rose on month in May as the country's refineries saw a decline in shutdowns for maintenance. "Reliance's Jamnagar refinery completed its planned maintenance by the end of April, enabling higher intake volumes in May," said Sumit Ritolia, lead research analyst, refining and modelling, at Kpler. The trend is in line with India's refinery turnaround cycle, where most maintenance activities conclude by April or early May.

 

"Russia continues to offer crude at notable discounts compared to benchmarks like Brent and Dubai or compared to Middle Eastern grades on a landed cost basis," Ritolia said. "The strong inflow of Russian barrels into India is driven by a combination of economic, operational, and geopolitical factors," he added. The elevated volumes showed the primacy of economic pragmatism in India's energy policy, he added.

 

Iraq maintained its position as the second-largest supplier of crude oil to India in May, with imports from Iraq amounting to around 1.2 million barrels per day. Consistent export volumes reflect long-standing contracts and the suitability of Iraqi grades for Indian refining infrastructure, Ritolia said.

 

Saudi Arabia ranked third, exporting around 568,000 barrels per day of oil to India in May. Saudi Arabia's share in India's crude oil imports declined in May relative to Russia and Iraq's shares, indicating a shift in procurement preferences. The United Arab Emirates supplied around 495,000 barrels per day of oil to India in May.

 

The US rounded out the top five, delivering 300,000 barrels per day to India, "underscoring India's push to diversify import sources and balance geopolitical exposure", Ritolia said. 

 

According to Kpler analysis, India's offline primary refining capacity dropped to approximately 150,000 barrels per day in May, down from 332,000 barrels per day in April. Ritolia sees Russian crude retaining a 30–35% share in India's import mix in the coming months.  End

 

Edited by Rajeev Pai

 

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