Indian refiners shift oil strategy; trim Russian buys and turn to MidEast

Indian refiners are redrawing crude import strategies to shift away from top supplier Russia and boost imports from the Middle East, a move that could help New Delhi clinch a trade deal with the United States to lower tariffs.
India became the top buyer of discounted Russian seaborne crude after the 2022 outbreak of war in Ukraine, but the trade drew backlash from Western nations targeting Russia’s energy sector with sanctions, saying oil revenues help it fund the war.
The shift away from Russia comes as Middle East producers, armed with higher output quotas from the Organization of the Petroleum Exporting Countries, are keeping global markets well-supplied, softening the impact on prices.
INDIA REFINERS SCALE BACK RUSSIAN BUYS
Indian refiners have begun scaling back Russian oil purchases following discussions at a government meeting to help accelerate a U.S.-India trade deal, three refining sources said.
The oil ministry’s Petroleum Planning and Analysis Cell is collecting weekly data on refiners’ purchases of Russia and U.S. crude, sources told Reuters this month.
In the latest change, state refiner Bharat Petroleum Corp BPCL awarded one-year tenders to buy Iraqi Basrah and Omani crude to trader Trafigura and is in the market to buy Murban oil from the United Arab Emirates under a separate tender, said the sources, who sought anonymity.
From April, Trafigura will supply four cargoes of Oman crude every quarter at 75 cents a barrel below Dubai quotes and one parcel of Basrah Medium at a discount of 40 cents a barrel to the grade’s official selling price, said two traders.
BPCL and India’s oil ministry did not respond to Reuters requests for comments.
DOUBLING OF IMPORT TARIFFS A PUNISHMENT FOR RUSSIA BUYS
The United States, already seeking to narrow its trade deficit with India, doubled import tariffs on Indian goods to 50% last year to punish it for heavy purchases of Russian oil.
State-run Hindustan Petroleum HINDPETRO, Mangalore Refinery and Petrochemicals
MRPL and private refiners HPCL-Mittal Energy Ltd have already stopped buying Russian oil.
India’s Russian oil imports fell to their lowest in two years in December, while OPEC’s share of imports hit an 11-month high, trade data showed.


Apart from the Middle East, Indian refiners have also increased purchases from regions such as Africa and South America.
Indian refiners have also boosted purchases of U.S. oil to partly replace Russian oil and narrow the trade deficit with Washington, while also scouting for Venezuelan oil.



Related News.
September 25, 2026
ISLAND OIL: Unveiling of the Sculpture “Cyprus’s Journey Through the Ages” in Protaras – A Tribute and Landmark to Cyprus’s Historical Memory and Cultural Heritage
In a modest ceremony marked by a moving atmosphere, the sculpture “Cyprus’s Journey Through the Ages”, created by acclaimed Cypriot sculptor…
September 25, 2026
World Maritime Day 2026 from Policy to Practice – powering Maritime Excellence
Global regulations will deliver safer, more resilient shipping when they are implemented worldwide. The international maritime community marks…
September 25, 2026
Diana Shipping announces Time Charter Contract for m/v DSI Polaris with Dai An Ocean Shipping
Diana Shipping , a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, announced that, through a…
September 25, 2026
Chief Economists Expect Global Economy to Stabilize, but Fiscal Constraints, Rising Living Costs and AI Investment Uncertainty Threaten Growth
The global economy is stabilizing, but the fiscal support that cushioned successive shocks since 2020 is unlikely to play the same role in the year…
September 25, 2026
V. welcomes its new graduate cohort as programme expands across the group
Twelve graduates from nine nationalities join 11th year of V.’s expanded international management programme. V., the global ship manager and marine…
September 25, 2026
From Policy to Practice: Why Seafarers Are the Key to Maritime Excellence
The shipping industry is no stranger to regulation. Seafarers and ship operators work within a vast framework of international conventions, national…
September 25, 2026
Intermodal Report – Week 38 2026
Please find below the Intermodal market report for week 38 2026. Intermodal Report Week 38 2026 Market Insight By Nikos Tagoulis, Head of…
September 25, 2026
Allied – Weekly Market Review – Week 38
Please find below the Allied Weekly Report for Week 38 | 2026 ALLIED - Weekly Market Report- Week 38
September 25, 2026
Record year on the Northeast Passage but Arctic shipping remains very limited
In 2025, a record 103 transit voyages were made via the Northeast Passage. However, this is still equivalent to only around a day and a half of…
September 25, 2026
[xclusiv] S&P Report 21th September 2026
Please find below the [xclusiv] latest Weekly S&P Report [xclusiv] 2026_09_21 Market Commentary: VLCCs: Freight Boom Reprices the Fleet The VLCC…
Subscribe to our newsletter!
if you dont want to swim alone in the ocean of news, sign up for the newsletter, and you will receive daily all the important news of world shipping!
Design & Development by P.KAN.DESIGNER
© 2026 Cyprus Shipping News. All rights reserved
Design & Development by P.KAN.DESIGNER
© 2026 Cyprus Shipping News. All rights reserved























