India Reduces Russian Oil Buys, Boosting Saudi Crude Imports to February Record
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India's Saudi Crude Imports Hit Record High as Russian Purchases Decline
M
Moneycontrol•03-03-2026, 12:29
India's Saudi Crude Imports Hit Record High as Russian Purchases Decline
•India's crude imports from Saudi Arabia reached a record 1.05 million barrels a day in February.
•This surge occurred as India reduced its Russian oil purchases, with Russia's share declining to 20% from 23%.
•The increasing reliance on Gulf-origin crude raises concerns about energy security amid the escalating US-Iran conflict and potential Strait of Hormuz disruptions.
•US sanctions on Russian oil majors Rosneft and Lukoil prompted Indian refiners to seek alternatives.
•Analysts expect Indian refiners to return to Russian oil if West Asian supplies tighten due to the US-Iran conflict.
