US EditionRussian Crude Piles Up at Sea as India Steps Back
India’s Russian crude imports fell from over 2 million barrels per day to about 1.3 million, amid US sanctions and an EU ban, with nearly 140 million barrels stored offshore.
- U.S.-Controlled Venezuelan barrels are being steered chiefly to American refiners, with Vitol and Trafigura offering only small volumes to India this month.
- As India broadened its supplier base, demand for non‑Russian barrels grew, with the country now sourcing from 41 suppliers, up from 27 a few years ago, amid a global oil glut.
- Several large Indian refiners including IOC, HPCL, MRPL and Reliance have expressed willingness to buy Venezuelan crude, while traders sold cargoes to U.S. buyers Valero, Phillips 66, and European refiners Repsol and Saras.
- Meanwhile, Russian crude is piling up at sea, with about 140 million barrels held on seaborne vessels and deliveries into Indian ports falling to about 1.2 million bpd in December, averaging near 1.12 million bpd in early January.
- Puri has emphasized markets will shape India's oil decisions, with significant buys likely through 2026 amid widening discounts; analysts expect a Russian baseload and debate sourcing at India Energy Week .
12 Articles
12 Articles
Russia Struggles to Offload Oil as Indian Imports Drop to Three-Year Low
Russia is encountering logistical challenges in its oil exports after a notable drop in purchases from India, according to a report by Bloomberg on January 27. A growing number of tankers carrying Russian crude are now idling offshore, with nearly 140 million barrels currently stored at sea. In recent weeks, the volume of idle tankers has increased near the Indian coastline and off the coast of Oman. While the number of vessels off Oman is gradu…
The company plans to purchase at least 24 million barrels of Brazilian crude oil from April 2026 to March 2027, up from 18 million barrels the previous year.
India Is Offered Tiny Volume of Venezuelan Oil as Most Goes to U.S.
Offers of Venezuelan crude to India are limited, and in small volumes, as most of the oil under U.S. control is heading to the United States, Indian refining executives told Reuters. Since the U.S. took control of Venezuela’s oil sales and authorized two of the world’s biggest independent traders, Vitol and Trafigura, to market the crude, Indian refiners have vied for crude from Venezuela as they seek to diversify the large exposure to Russian c…
Russia oil’s unexpected staying power in India extends into 2026
India oil imports: India continues to buy Russian oil, a key financial support for Moscow. Despite US pressure and sanctions, these imports are proving resilient. New Delhi is expected to maintain significant purchases of Russian crude well into 2026. The global market dynamics and attractive pricing are driving these decisions.
Financial Post
NDTVRussia Oil's Unexpected Staying Power in India Extends Into 2026
(Bloomberg) — For much of last year, discounted Russian oil made up the lion’s share of Indian purchases, a financial lifeline for Moscow that also shaved billions off New Delhi’s import bill. Then came US threats, tariffs, sanctions — and months of disruption.
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