India's September Crude Oil Imports Climb Amid Shift Away From Russian Supplies
India's crude oil imports rose 1.7% month-on-month in September 2024 to 19.93 million metric tons, reflecting a 6.1% increase year-on-year. This uptick comes as Indian refiners prepare to reduce Russian oil purchases in response to new U.S. sanctions targeting Russian producers, signaling a potential shift in global oil trade dynamics and import sources for one of the world's largest oil importers.
India, the world's third-largest oil importer and consumer, reported a 1.7% month-on-month increase in crude oil imports for September 2024, reaching 19.93 million metric tons—a 6.1% rise compared to the same period last year. This growth in imports occurs alongside a notable strategic shift, as Indian refiners are set to sharply curtail purchases of Russian crude oil. The move follows fresh U.S. sanctions imposed on Russia's top oil producers, Lukoil and Rosneft, which require companies to wind down transactions by November 21. Industry sources indicate that India's imports of Russian oil between April and September 2024 fell by 8.4% year-on-year due to narrowing discounts and tighter supplies, prompting refiners to seek more oil from the Middle East and the United States. In a rare move, two Indian refiners have also purchased 4 million barrels of Guyanese crude from Exxon Mobil for delivery in late 2025 or early 2026. These developments highlight India's efforts to diversify its crude oil sources amid changing geopolitical and sanction-related pressures, which could reshape global oil trade flows. The country's rising oil demand—driven by economic growth, industrial activity, and population expansion—continues to outpace stagnant domestic production, reinforcing its reliance on imported crude.
