How much Russian oil did India buy in October? Shocking figures revealed

India, the second-largest buyer of Russian crude oil, spent up to 2.5 billion euros on buying crude oil from Russia in October, before fresh sanctions were imposed on Russian units. 

India's spending on Russian oil purchases in October remained the same as in September at 2.5 billion euros. According to the Centre for Research on Energy and Clean Air (CREA), India remained the second-largest buyer of Russian fossil fuels after China in October.

On October 22, the US imposed sanctions on Russia's two largest oil producers, Rosneft and LukOil, to curb the Kremlin's resources for funding the Ukraine war. 

Following these sanctions, companies such as Reliance Industries, HPCL-Mittal Energy Limited, and Mangalore Refinery and Petrochemicals Limited have temporarily halted imports of Russian oil. Russia shipped 60 million barrels of crude oil in October, with Rosneft and LukOil contributing a combined 45 million barrels.

India is a major buyer of Russian oil

In its monthly monitoring report, CREA said India remained the second-largest buyer of Russian fuel, importing a total of 3.1 billion euros. 

Crude oil accounted for 81 percent (2.5 billion euros) of India's total purchases, followed by coal at 11 percent (351 million euros) and oil products at 7 percent (222 million euros). 

Traditionally dependent on Middle Eastern oil, India significantly increased its imports from Russia following the invasion of Ukraine in February 2022.

Western sanctions and a decline in European demand made Russian oil available at a steep discount. As a result, India's imports of Russian crude oil increased from one percent of its total crude oil imports to nearly 40 percent in a short time. 

In September, India spent a total of 3.6 billion euros. This included 2.5 billion euros on crude oil, 452 million euros on coal, and 344 million euros on oil products.

11 percent increase

According to CREA, India's Russian crude oil imports grew by 11 percent month-on-month in October. While imports from private refineries accounted for more than two-thirds of India's total imports, state-owned refineries nearly doubled their Russian import volumes month-on-month in October. 

It added that in a notable development, the Rosneft-owned Vadinar refinery (in Gujarat) – now sanctioned by the EU and UK – increased its production by 90 percent in October.

Following EU sanctions in July, the refinery has been importing crude oil exclusively from Russia. In October, its imports from Russia increased by 32 percent month-on-month, its highest volume since the full-scale invasion. 

Exports from the refinery have declined significantly (47 percent compared to the same month last year) and have fallen to their lowest level since May 2023.

The ban on companies made a difference

CREA said that in October, imports from the six Indian and Turkish refineries using Russian crude oil from the banned countries fell by eight percent on a monthly basis, but this decrease was mainly due to the European Union and the UK, where monthly declines of 9 percent and 73 percent were recorded, respectively. 

In contrast, imports from Australia increased by 140 percent to 93 million euros in October, and imports from the US also increased by 17 percent to 126.6 million euros. Both these countries have not yet announced restrictions on oil products made from Russian crude oil.