Reliance, Nayara Dominate India’s Russian Oil Imports
India has become the largest global buyer of Russia’s Urals crude oil in 2025, with private refiners Reliance Industries and Nayara Energy accounting for nearly 45% of total seaborne exports of the grade. This surge not only reinforces India’s pivotal role in the global oil trade but also highlights the growing influence of private refineries in securing long-term energy deals amid shifting geopolitical dynamics.
Urals Crude Surges in India
Reliance Industries has emerged as the world’s largest individual importer of Urals crude, lifting over 77 million barrels this year alone. This represents a dramatic increase, with Urals now comprising 36% of Reliance’s crude basket—up from just 10% in 2022. Nayara Energy has shown an even steeper incline, sourcing 72% of its oil from Urals compared to 27% three years ago.
This aggressive pivot toward discounted Russian crude has allowed these private giants to optimise costs, expand market share, and ensure supply security in a volatile energy environment.
Long-Term Strategy and Market Impact
Reliance has secured a 10-year import agreement for up to 500,000 barrels per day of Urals crude, ensuring continuity in supply and further reducing dependence on volatile Middle Eastern or African markets. This deal gives it a substantial advantage over state-owned refiners such as IOC, HPCL, and BPCL, which have seen their traditional pricing edge shrink. The price spread on Urals crude has narrowed significantly, with discounts falling from $4 to under $2 per barrel.
While state-owned oil companies continue to explore alternatives in Africa, the Middle East, and the United States, private refiners have largely locked in long-term volumes from Russia, enabling them to remain competitive in both domestic and export markets.
Strategic Realignment of Global Energy
India’s heavy investment in Russian crude comes at a time when many Western countries have curbed imports due to sanctions. This has allowed Indian refiners to access crude at favourable rates, capitalising on global re-routing of oil trade flows. With China’s smaller refiners reducing Urals intake, Indian buyers stepped in decisively to fill the void.
As of June 24, India had imported nearly 2.3 million barrels per day of Urals crude—out of 231 million barrels shipped by Russia this year. This dominance has not only benefited Indian refiners but also provided Russia a vital export channel amid sanctions.
By anchoring their sourcing strategy around discounted Russian oil, Reliance and Nayara have effectively reshaped India’s energy map, while forcing a strategic rethink among public sector refiners and regional competitors.
