India Crude Oil Imports Hit Record 5.6 Million bpd in October Driven by Russian and Middle Eastern Supplies
India’s crude oil imports reached an all-time peak of approximately 5.6 million barrels per day (bpd) in October, driven by aggressive purchasing from domestic refiners seeking to secure feedstocks across Russia, the Middle East, and Atlantic Basin suppliers.
According to tracking data from energy intelligence platform Kpler, preliminary figures show inbound crude flows averaging between 5.4 million and 5.63 million bpd in October. This represents a monthly expansion of over 5% compared to September’s 5.34 million bpd and a nearly 14% rise year-on-year from 4.95 million bpd recorded in October of the previous year.
Russia Retains Top Spot Amid Changing Logistics
Russia maintained its position as India’s single largest supplier of crude oil, delivering approximately 1.97 million bpd in October—a month-on-month gain of around 100,000 bpd. Russian grades represented roughly 35% of total Indian crude intake during the month. While volumes recovered from September levels, they remained well below the July high of 2.82 million bpd, when Russian oil made up 55% of India’s overall import basket.
Heightened security concerns in the Black Sea have prompted changes in shipment patterns. Direct arrivals from Black Sea terminals dropped to roughly 190,000 bpd in October compared to summer averages of 800,000 bpd, pushing refiners to lift more volumes from northern Russian ports such as Primorsk and Ust-Luga.
Middle East Flows and Atlantic Basin Diversification
Middle Eastern suppliers accounted for approximately 2.3 million bpd of India's crude imports in October. Saudi Arabia led regional volumes, with shipments from the Ras Tanura terminal rising to over 625,000 bpd, supported by competitive official selling prices aimed at defending market share.
Concurrently, Indian refiners turned west of the Suez Canal to secure additional barrels, with Atlantic Basin shipments doubling to 1.2 million bpd:
- Angola: Shipments climbed sharply to around 335,000 bpd in October from 36,000 bpd in September.
- Venezuela: Inflows reached nearly 345,000 bpd, largely directed to Reliance Industries' export-oriented Jamnagar refining complex, which is configured to process heavy, high-sulphur crude grades.
- United States & Brazil: Combined volumes from the Americas held firm, with US deliveries rising to approximately 157,000 bpd and Brazilian barrels touching 102,000 bpd.
Impact on Refining Margins and Corporate Strategy
The shift in procurement economics comes as tanker freight rates exert pressure on the landed cost of Russian crude. Long-haul shipping costs and war-risk insurance premiums have narrowed the net delivered discount of Urals against Middle Eastern benchmarks like Dubai.
Bharat Petroleum Corporation Limited (BPCL) indicated that it plans to temper its Russian intake in November in favor of more commercially advantageous Middle Eastern grades. Speaking to analysts during quarterly earnings discussions, Vetsa Ramakrishna Gupta, Director of Finance at BPCL, noted that while Russian crude represented about 37% of BPCL’s crude basket between July and September, higher freight rates have diminished its short-term price advantage.
Addressing procurement strategy at an industry forum, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri reiterated that Indian refiners operate strictly on commercial merit, optimizing for availability, landed cost, and margins. As global freight dynamics fluctuate heading into the winter quarter, refiners like Indian Oil Corporation (IOCL), BPCL, and Reliance Industries are expected to dynamically calibrate their crude baskets to safeguard gross refining margins (GRMs).
