India Shifts Crude Oil Sources: Saudi Supplies Rise, Russian Imports Decline Amid Sanctions
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India Rebalances Crude Imports: Saudi Gains, Russian Flows Ease Under Sanctions
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CNBC TV18•22-02-2026, 12:38
India Rebalances Crude Imports: Saudi Gains, Russian Flows Ease Under Sanctions
•India's crude import strategy is rebalancing, with Middle Eastern suppliers, especially Saudi Arabia, regaining market share.
•Russian crude volumes to India are easing due to US and EU sanctions, falling from 1.28 million bpd in December 2025 to 1.09 million bpd in early February.
•Saudi Arabia is projected to be India's top supplier in February, with shipments reaching 1 million to 1.1 million bpd, the highest since November 2019.
•The Vadinar refinery, with Russia's Rosneft as a major shareholder, now relies solely on Russian crude due to EU sanctions.
•Replacing Russian barrels will likely increase India's overall crude cost by $2-3 per barrel, though cheaper Venezuelan crude could partially offset this.
