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India’s crude oil imports rise from Africa, Latin America in February amid US sanctions on Russian supply
- India's crude oil imports: India became the biggest buyer of Russian seaborne oil sold at a discount after Western nations imposed sanctions on Moscow for its 2022 invasion of Ukraine in 2022.
India's crude oil imports from Latin America and Africa rose marginally in February as refiners turned to alternative sources, fearing a loss of Russian oil supplies caused by tighter US sanctions. India became the biggest buyer of Russian seaborne oil sold at a discount after Western nations imposed sanctions on Moscow for its 2022 invasion of Ukraine in 2022.
According to news agency Reuters, imports of Russian oil fell three per cent from January to about 1.54 million barrels per day (bpd) in February, with Russia's share in India's overall crude purchases hitting the lowest since January 2024. Oil imports from Africa rose to 330,000 bpd in February from 143,000 bpd in January, while those from South America rose 60 per cent to 453,600 bpd.
India's crude oil imports in February
In January, the US imposed sweeping sanctions targeting Russian producers and tankers, disrupting supply from the world's second-largest producer and tightening ship availability. Russia's share in oil imports by India, the world's third-biggest oil importer and consumer, shrank to 30.5 per cent in February, while that of Latin America rose to nine per cent, the highest since December 2021
Last month, India received a rare cargo of Gabon's Etame grade and, for the first time, took Argentina's Medanito oil. According to Reuters, refiners in India maximised the purchase of Russian oil ahead of a February 27 deadline set under the latest US sanctions to settle some energy deals.
About half a dozen vessels loaded with Russian oil arrived at Indian ports towards the end of the month and were discharged in March. A lower intake of Russian oil slightly pushed up the share of oil from members of the Organization of Petroleum Exporting Countries and West African nations in February.
Meanwhile, it was reported that India has spent 112.5 billion euros or about ₹1.5 lakh crore on buying crude oil from Russia since the Ukraine war. According to the European think tank Centre for Research on Energy and Clean Air (CREA), India's payments to Russia for fossil fuels since February 24, 2022, have revealed the figures.
"According to our estimates, since the beginning of the war, Russia earned EUR 835 billion in revenue from fossil fuel exports," it said. China was the biggest buyer of Russian fossil fuels at EUR 235 billion (made up of EUR 170 billion for oil, EUR 34.3 billion for coal and EUR 30.5 billion for gas).
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Business NewsEconomyIndia’s crude oil imports rise from Africa, Latin America in February amid US sanctions on Russian supply
First Published:13 Mar 2025, 04:55 PM IST
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