India’s crude oil imports rose nearly nine per cent in October to 20.28 million tonnes month-on-month, their highest level since April, government data showed on Thursday.
India is the world’s third-biggest oil importer and consumer, making this data a key indicator of its oil demand.
On a yearly basis, crude oil imports rose 3.7 per cent, from 19.56 million tonnes in October 2024, data from the Petroleum Planning and Analysis Cell shows. Meanwhile, imports of crude oil products fell about 7.1 per cent on a yearly basis to 4.35 million tonnes in October, while product exports rose 1.4 per cent to 5.12 million tonnes.
"Looking at tanker tracking data, there was an increase in imports coming from Russia. So assume an attractive price discount supported those import increase," said UBS analyst Giovanni Staunovo. "Another factor is still the seasonally rising demand, which supports higher imports during 4Q."
India’s crude oil imports from Russia are expected to have risen slightly in October from a month earlier, according to preliminary ship-tracking data from Kpler and OilX. But it is expected to slow starting in November after the US sanctioned two major suppliers last month.
Fresh US sanctions targeted Russia’s two top oil producers, Lukoil and Rosneft. The US has given companies until November 21 to stop their transactions with these Russian oil producers.
India’s Reliance Industries, Mangalore Refinery and HPCL-Mittal Energy have halted Russian oil purchases, while other refiners weigh sourcing from non-sanctioned producers.
India became the top buyer of seaborne Russian crude after Moscow’s 2022 invasion, importing 1.9 million bpd in the first nine months of 2025 - about 40 per cent of Russia’s exports, according to the International Energy Agency.
(Reporting by Noel John in Bengaluru)
