India’s Russian Crude Imports Fall 21% In April Amid Supply Disruptions

India’s imports of Russian crude oil declined 21% in April from the record levels seen in March despite the U.S. extending a sanctions waiver for another month, according to data from commodity analytics firm Kpler.

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Russian crude imports stood at 1.56 million barrels per day (bpd) in April compared with 1.98 million bpd in March, which was the highest monthly purchase level by India. The decline came after loading disruptions at a major Russian export terminal following a Ukrainian strike.

Indian Refiners Adjust Purchase Volumes

Indian Oil Corporation remained the largest buyer of Russian crude during April, importing 6.77 lakh barrels per day, up 14% from March levels.

Reliance Industries imported 2.35 lakh barrels per day, while Bharat Petroleum Corporation Limited imported 1.76 lakh barrels per day, marking a 38% decline from the previous month.

Nayara Energy’s Russian crude imports also fell sharply to 25,000 barrels per day from 3.15 lakh barrels per day in March due to a planned 35-day maintenance shutdown that began on April 9.

West Asian Oil Supplies Increase

Even as tensions continued around the Strait of Hormuz, crude oil supplies from West Asia to India increased in April.

Saudi Arabia exported 7.04 lakh barrels per day to India, up 23% from March, according to Kpler data. Imports from the United Arab Emirates surged 191% to 5.91 lakh barrels per day.

The increase was supported by shipments routed through Saudi Arabia’s Yanbu pipeline and the UAE’s Fujairah pipeline, which bypass the Strait of Hormuz.

The Strait of Hormuz connects the Persian Gulf to the Arabian Sea and previously handled nearly 20% of global oil shipments before the ongoing conflict in the region disrupted movement.

India Resumes Iranian Oil Imports

India also resumed crude oil imports from Iran in April after a gap of nearly seven years. Imports from Iran stood at 1.37 lakh barrels per day after the U.S. announced a 30-day sanctions waiver permitting limited purchases of Iranian crude.

India had stopped importing Iranian oil in May 2019 after the U.S. tightened sanctions on Tehran in 2018. Before that, Iran was among India’s major crude suppliers because of refinery compatibility and commercial pricing terms.

Venezuela Imports Return After One Year

India also restarted purchases from Venezuela after nearly one year. Oil imports from Venezuela stood at 2.98 lakh barrels per day in April, according to Kpler.

The data showed India continued diversifying crude sourcing amid disruptions in global energy supply routes caused by the ongoing West Asia conflict.

India’s total crude oil imports fell to 4.3 million barrels per day in April from 4.4 million barrels per day in March, Kpler data showed.

India, the world’s third-largest crude oil importer, previously sourced nearly 40-50% of its crude imports through the Strait of Hormuz, making disruptions in the region significant for the country’s energy supplies.