India's Russian Crude Imports Hit Five-Month High in November Amid Soaring Fuel Exports to Australia
India's Russian crude imports hit a five-month high in November, reaching EUR 2.6 billion, making it the second-largest buyer after China. This surge, up 4% month-on-month, was driven by state-owned refiners increasing volumes despite US sanctions impacting private players. A substantial portion of the refined fuels, particularly from Indian refineries, saw a 69% increase in exports to Australia, amounting to EUR 150 million. India emerged as a key buyer of discounted Russian oil post-Ukraine invasion, supplying nearly 40% of its total crude imports.
India significantly increased its Russian crude oil imports in November, reaching a five-month high of EUR 2.6 billion, a 4% rise from the previous month. This made India the second-largest buyer of Russian fossil fuels, following China. The increase occurred despite US sanctions imposed on Russian oil producers Rosneft and Lukoil in October, which led to a marginal reduction in imports by private refiners like Reliance Industries. However, state-owned refineries, including Indian Oil Corporation, compensated by boosting their Russian crude volumes by 22% month-on-month.India's dramatic shift towards discounted Russian crude began after the February 2022 Ukraine invasion, transforming its crude import portfolio from traditionally Middle Eastern sources to nearly 40% Russian oil. A notable consequence of these imports was the soaring export of refined fuels. In November, Indian and Turkish refineries exported EUR 807 million of refined products partially derived from Russian crude to various sanctioning countries. Specifically, exports to Australia saw a remarkable 69% month-on-month increase, reaching EUR 150 million, with all these cargoes originating from India's Jamnagar refinery. While the EU has banned fuel made from Russian oil, Australia, Canada, and the US have not yet implemented such restrictions, facilitating these exports. Canada also received its first shipment of oil from a refinery using Russian crude in eight months.
