India's Russian Oil Imports to Hit Lowest Since May 2022; Saudi Arabia Regains Top Spot

• India's Russian oil imports are projected to drop to 800,000 bpd in March, the lowest since May 2022, as Saudi Arabia reclaims its share.
• Saudi Arabia has become India's top oil supplier in February, with imports tracking at a new all-time high of 1.15 mbd, surpassing Russia.
• India has significantly reduced Russian oil purchases from 1.8 mbd in November 2025 to 1.1-1.3 mbd in December-January.
• The US lowered tariffs on India and withdrew penalties for Russian oil, stating India committed to ceasing Russian oil purchases, though India has not confirmed.
• Reliance Industries resumed non-sanctioned Russian oil imports, while Nayara Energy's refinery maintenance could further dip imports in April.