economy
March 21, 2026
Russian oil supplies to India surge
India’s oil imports from Russia have reportedly risen by 27% in March compared to last month
TL;DR
- Indian crude oil imports from Russia surged by 27% in March, reaching 1.4 million barrels per day.
- A US waiver granted on March 6th allowed for these imports, aimed at global oil market stability.
- Nayara Energy and Reliance were major buyers, with Reliance tripling its imports to Jamnagar.
- India is increasing Russian oil imports due to disruptions in Middle Eastern supplies caused by military actions and the blockade of the Strait of Hormuz.
- Russian crude remains $18 per barrel cheaper than UAE alternatives, making it an attractive option for Indian refineries.
- India imports 85% of its oil and relies heavily on the Strait of Hormuz for supplies, which has seen reduced traffic due to recent conflicts.
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