India’s Russian oil imports flow heavy despite tighter sanctions

India’s flow of cheap crude oil from Russia and Venezuela continued unabated in March, defying market expectations, as local refiners tweaked their sourcing strategies. 

They sourced cheaper grades to evade tighter US sanctions, according to industry sources and ship-tracking data.

Russian supplies to India increased by around 8.5 per cent to 1.66 million barrels per day (bpd) (in March 2024), the highest since November 2023, from 1.53 million bpd in February 2024, according to data from Paris-based market intelligence agency Kpler. The data is as of Monday.

This was contrary to market expectations and media reports that tightening of US sanctions will lead to a decline in crude imports.