India has ramped up its purchases of Russian crude oil, signalling a strategic shift as global energy markets grapple with disruptions triggered by the ongoing conflict in West Asia.
According to a Bloomberg report, Indian refiners have secured around 60 million barrels of Russian oil for delivery in April, easing immediate concerns over supply shortages as flows through key routes remain constrained.
Citing people familiar with the matter, the report said the cargoes were booked at premiums ranging between $5 and $15 per barrel to Brent. The volume is broadly in line with purchases made this month, but marks a sharp jump from February levels, when imports were significantly lower.
Data intelligence firm Kpler indicated that April-bound volumes are more than double those seen in February, highlighting how quickly India has recalibrated its sourcing strategy in response to global disruptions.
The renewed buying momentum follows a waiver from the United States, which allowed India to procure Russian oil already loaded onto vessels before March 5. This was aimed at offsetting supply shortages caused by the effective closure of the Strait of Hormuz.
The measure was later expanded to include additional countries and updated to allow purchases of crude already at sea before March 12.
For India, which relies heavily on imported oil, such flexibility has become critical as geopolitical tensions disrupt traditional supply chains.
India had emerged as a major buyer of discounted Russian crude following the Ukraine conflict in 2022. However, purchases were scaled back sharply towards the end of last year due to pressure from the United States.
During that period, refiners shifted their focus to suppliers such as Saudi Arabia and Iraq. However, a large portion of these supplies became stranded in the Persian Gulf after the outbreak of the latest conflict, prompting a rethink.
The latest buying trend suggests that Indian refiners are once again turning to Russian oil as a reliable alternative.
Refining companies such as Mangalore Refinery & Petrochemicals Ltd. and Hindustan Mittal Energy Ltd., which had avoided Russian crude since December, have now resumed purchases, according to people familiar with the matter.
Officials in New Delhi expect that the US waiver could be extended if disruptions in the Strait of Hormuz continue, providing further room for Indian refiners to secure supplies.
The renewed demand has also boosted Russia’s oil revenues.
With elevated prices and rising export volumes, the Kremlin is now earning its highest income from crude exports since March 2022, shortly after the invasion of Ukraine.
The combination of geopolitical tensions and shifting trade flows has once again reshaped global oil markets, with Russia emerging as a key beneficiary.
For India, the latest developments underline the importance of flexibility in energy sourcing.
By tapping multiple suppliers, including Russia and Venezuela, the country is attempting to cushion itself against supply shocks and price volatility.
However, the situation remains fluid. Much will depend on how the conflict in West Asia evolves and whether key shipping routes like the Strait of Hormuz return to normal operations.
