India’s Russian Oil Imports Dip in September but Still Make Up One-Third of Supply

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India’s crude oil imports from Russia dipped in September but continued to account for nearly a third of its total shipments, according to trade data reviewed by industry trackers.

The fall in volumes comes at a time when the United States has been pressing New Delhi and other key buyers to scale back purchases from Moscow, arguing that the revenues are helping to finance Russia’s war in Ukraine.

Russia has been India’s largest supplier of crude since 2022, when Western sanctions redirected Moscow’s oil exports toward Asian markets. In September, Indian refiners bought less oil compared with previous months, but Russian shipments still formed around 33 percent of the overall basket.

This marks a slight reduction from earlier highs when Russia supplied close to 40 percent of India’s crude needs. Traders suggest the dip was linked to pricing, shipping constraints, and ongoing diplomatic conversations, but stressed that Russia remains a central part of India’s energy mix.

Washington has been vocal in urging partners to limit purchases, even as it stops short of targeting Indian refiners directly. During recent talks, US officials emphasized that lower Russian sales could weaken Moscow’s ability to fund its military campaign.

India, however, has maintained that its energy imports are guided by national interest, affordability, and security of supply. Officials have consistently highlighted that purchases from Russia have helped contain domestic fuel prices in a volatile global market.

Global Oil Market Impact

The slight reduction in Indian imports coincides with wider market shifts, including OPEC+ production policies and fluctuating demand in Asia. Analysts say any significant cutback by India could impact Russia’s export revenues, but at present, the relationship between the two nations remains commercially strong.

Industry experts note that India is expected to keep Russian oil as a key part of its portfolio, though volumes may vary month-to-month depending on price advantages and diplomatic dynamics. For now, India continues to walk a careful line between meeting its energy needs and navigating geopolitical pressures.