Indian oil refiners continue to actively increase their purchases of Russian crude, offsetting supply disruptions from the Middle East. According to analysts at Kpler, imports reached 1.98 million barrels per day in March—the highest level since June 2023.

In April, volumes declined to 1.57 million barrels per day; however, this drop was attributed to scheduled maintenance at Nayara Energy’s major refinery. Purchases are expected to rebound and continue growing as early as May.

Demand is being bolstered by a shortage of alternative crude sources and expectations that the U.S. will extend temporary waivers permitting the purchase of Russian oil. India previously contracted approximately 60 million barrels, taking advantage of these waivers, while current oil volumes held in floating storage are estimated at roughly 100 million barrels.

Experts note that India will continue to maximize its access to Russian crude as long as supplies from the Persian Gulf remain constrained—despite a partial easing of geopolitical tensions.