Indian imports of Russian oil fall 15% in February to two-year low

India imported approximately 1.4mn barrels per day of crude oil from Russia in February 2025, marking a 14.9% decline from January’s 1.7mn bpd, according to data from analytics firm Kpler cited by Bloomberg on February 28. 

The reduction in Russian oil imports represents a month-on-month decrease of around 300,000 bpd. Compared to February 2024, when India imported 1.5mn bpd of Russian crude, the February 2025 figures were lower by 100,000 bpd. In December 2023 and January 2024, India’s Russian oil imports remained steady at 1.5mn bpd, with subsequent fluctuations never falling below that level until now.

According to Kpler, India recorded its highest-ever monthly Russian oil imports in July 2024, reaching 2.1mn bpd.

While Russian crude imports fell, India increased purchases from other suppliers. Imports from Iraq grew by 8.3% m/m in February, rising from 1mn bpd to 1.2mn bpd. In contrast, Saudi Arabian oil shipments to India declined slightly by 0.7%, from 723,000 bpd to 744,000 bpd. To offset the reduction in Russian supply, Indian refiners turned to Nigeria, Angola, Mexico and Colombia.

Industry analysts told Bloomberg they expected India’s Russian crude imports to continue declining in the coming months due to US sanctions that have disrupted supply chains. Washington imposed new restrictions on January 10, targeting Russia’s oil sector, including logistics, its shadow fleet used to circumvent previous sanctions, and trading companies. The EU followed with its 16th sanctions package on February 24, introducing measures such as a ban on the temporary storage of Russian oil and refined products and additional restrictions on the shadow fleet.

Despite India’s efforts to maintain Russian oil imports, it has begun exploring alternative energy suppliers in the Middle East to ensure a stable supply.

In 2024, India imported a record 4.85mn bpd of crude oil, reinforcing its position as the world’s third-largest importer after China and the US. The country significantly outpaced South Korea and Japan in crude purchases.

Domestic oil demand grew by 3.5% in 2024, reaching a record 5.17mn bpd. The International Energy Agency (IEA) forecasts an additional demand increase of 210,000 bpd in 2025.

Russia previously accounted for over one-third of India’s crude imports. The sharp rise in Russian oil shipments to India began after the start of Moscow’s military operation in Ukraine in February 2022 and subsequent Western sanctions. Since then, a significant portion of Russian crude exports has been redirected to China and India via maritime routes.

In 2022, Russian oil exports to India surged nearly sevenfold, reaching a record 683,000 bpd, making Russia the country’s third-largest supplier after Iraq and Saudi Arabia. In 2023, Russia nearly tripled its deliveries to India, surpassing its competitors to become India’s top crude supplier.