India’s Middle East Crude Imports Rose 32% as Russia’s Share Fell

India’s crude sourcing shifted toward the Middle East in September as shipments through the Strait of Hormuz recovered. Middle Eastern imports rose 32% from August, while Russian volumes declined but Russia remained the country’s largest supplier.

Middle Eastern crude averaged about 2.8 million barrels per day, the highest level since February. India’s total crude imports increased 20% to about 5.33 million barrels per day. These figures are daily averages for September.

Russian crude imports fell 14% to roughly 1.8 million barrels per day. Russia’s share of India’s imports dropped to 33.5% from 46.6% in August, but it remained ahead of the United Arab Emirates and Iraq as a supplier.

India had increased Russian purchases when the Iran war constrained supplies from the Middle East. Gulf shipments later recovered, while competition with China for Russian crude continued to shape India’s sourcing mix.

Russian crude’s premium to Brent narrowed to $1 to $2 per barrel, down from more than $10 in recent months. That brought its landed cost closer to some Middle Eastern grades. An Indian refining source said, “We will buy from whoever offers us better prices.”

Earlier estimates for India’s September import mix, based on arrivals through Sept. 27, put Middle Eastern supply at about 3 million barrels per day and Russian crude at 1.742 million barrels per day.