India's Crude Oil Imports Drop 21% Amid Supply Disruptions
India's crude imports down 21%; Russia tops, Iran gains
The Economic Times
Image: The Economic Times
India's crude oil imports fell by 21% in the first half of April compared to February, totaling 4.1 million barrels per day. Russia became the largest supplier, providing 40% of imports, while Iran emerged as the fourth-largest supplier, resuming shipments after seven years. Ongoing geopolitical tensions continue to impact energy trade flows.
- 01India's crude oil imports decreased by 21% in early April compared to February.
- 02Russia accounted for 40% of India's crude imports during this period.
- 03Iran became India's fourth-largest crude supplier, resuming shipments after seven years.
- 04Imports also fell 8% from 4.4 million barrels per day in March.
- 05Geopolitical tensions in the Middle East are affecting energy trade dynamics.
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India's crude oil imports saw a significant decline of 21% in the first fortnight of April, dropping to 4.1 million barrels per day from 5.2 million barrels per day in February. This reduction reflects ongoing supply disruptions linked to the Iran conflict. During this period, Russia emerged as the top supplier, providing approximately 40% of total imports, despite a decrease from 46% in March. Iran also resumed shipments to India, contributing about 4 million barrels or 7% of total imports, marking its return after a seven-year hiatus. Analysts, including Nikhil Dubey from Kpler, noted that the energy trade remains volatile due to the geopolitical situation in the Middle East. A US waiver on sanctions allowed Indian refiners to increase purchases from both Russia and Iran, although a US naval blockade of Iranian ports may limit future supplies.
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The decline in crude oil imports could lead to higher fuel prices in India, affecting consumers and businesses reliant on oil products.
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