Russia continued to lead in December with a share of 33.4% of India’s crude oil imports, down from 41.3% in November. India received 1.5 million barrels per day (mbd) of Russian crude oil in December, compared to 1.75 million barrels per day (mbd) in November.
“Russia’s crude oil exports are declining overall, and domestic refining demand is likely to be the cause of the decline in crude oil exports to India,” said Rohit Rathod, an analyst at Vortexa. said. “As for the lower volumes from the US, Venezuela and Brazil, these barrels were pulled by US refiners in December. US crude was also sent to Europe, so Indian refiners were asked for replacement. We turned our attention to Iraq, the UAE, Kuwait and Angola.”Russia’s crude oil exports in December fell by about 7% from the previous month to 4.43 million barrels. That month, China received 1.3 million barrels of Russian crude oil shipped by sea, about the same as in November. European imports decreased from 1.22 million days to 1.18 million days.
The decline in imports of Russian crude oil was also affected by a decline in imports from India’s state-run refiners. Imports of Russian crude oil by these refineries decreased by 23% from the previous quarter to 766,000 barrels per day in December, while imports by private refineries remained almost flat at 753,000 barrels per day. Ta.
Venezuela’s share fell from 2.8% in November to zero in December, and Brazil’s share fell from 3.3% to 0.7%. The US share fell from 5% to 1.4%. Reliance Industries is a major processor of Venezuelan crude oil in India. Iraq was a major beneficiary of the supply shift in the Indian market, with its share expanding from 16.3% to 23.2%. The UAE’s share rose from 7.9% to 10.9%, and Kuwait’s share expanded from 1.5% to 4%.
African countries Angola and Nigeria also rose. Angola’s share rose from 0.8% to 5%, and Nigeria’s share rose from 2.4% to 4.6%.
Price discounts have made Russia a source of crude oil for Indian refiners since the Ukraine war began in 2022. Export curbs by the Russian government in December and competition from Chinese buyers reduced supplies to Indian refiners. India currently sources all of its Russian crude oil purchases from the spot market. However, from 2025, Reliance Industries is expected to start receiving Russian crude oil as part of an annual contract.
