India’s Russian Oil Imports Hit 9-Month High in April
India’s crude oil imports from Russia climbed to a nine-month high in April 2025, hitting 1.92 million barrels per day (bpd). This marks a 2.1% increase from March levels and pushed Russia’s share of India’s total crude imports to 39.3%, up from 35.7% the previous month. The latest data reflects a continued strategic reliance on Russian energy amid shifting global oil trade dynamics.
The surge has been driven by the competitive pricing of Russia’s Urals crude, which continues to be sold at a discount compared to alternatives from West Africa and the Middle East. Additionally, the availability of non-sanctioned tankers and alternate payment routes has allowed India to sustain and even expand its energy trade with Russia without running afoul of international sanctions.
US Crude Shipments Also Climb
At the same time, India’s oil imports from the United States also saw a significant uptick, rising to an eight-month high in April. This parallel rise in US shipments highlights India’s approach of diversifying its energy supply, securing both affordability from Russia and long-term strategic ties with the US.
Energy analysts suggest that India’s growing appetite for US crude is a hedge against potential volatility in Middle Eastern supplies and a move to deepen economic engagement with Washington, especially as bilateral ties evolve beyond defense and tech into energy cooperation.
Refining Margins and Strategic Positioning
The continuous flow of discounted Russian crude has bolstered the margins of Indian refiners, even as global prices remain unstable. While discounts on Urals crude have narrowed over the past few months, they still provide a cost advantage critical to a nation that imports over 85% of its crude oil.
This latest spike in imports indicates that Indian refiners remain keen on maximizing economic benefit while balancing foreign policy imperatives. As India navigates a complex geopolitical energy environment, its dual strategy of sustaining Russian supplies and expanding ties with the US underscores a pragmatic energy security approach.
