India’s crude imports from Russia fell 29% y-o-y to USD 3.3 bn in September from USD 4.7 bn last year following the punitive US tariffs on such imports, The Hindu Businessline reports. To offset the shortfall, India boosted imports from Saudi Arabia, the UAE, the US, and new suppliers like Nigeria and Libya. Russia’s share in India’s oil basket has dropped to 31% from 41%, its lowest in two years, per Commerce Ministry data.

But diversification has come at a cost — Middle Eastern and African barrels are up to 20% pricier than Russian crude, squeezing refinery margins and potentially widening India’s trade deficit.

Meanwhile…: Indian refiners are accelerating Russian crude arrivals ahead of 21 November, when the US sanctions against Rosneft and Lukoil come into effect, The Economic Times reports. Imports held steady at 1.6 mn barrels per day (bpd) in October, but are expected to climb this month as 1.7 mn bpd were loaded at Russian ports in October, most due to arrive before the cut-off. Cargoes from non-sanctioned suppliers will continue flowing thereafter.

India’s BPCL is turning to Abu Dhabi for crude as US sanctions squeeze Russian supply, CNBC reports, citing two trading sources. The Indian state-run refiner picked up 2 mn barrels of Upper Zakum crude in a spot tender for December loading. Adnoc Trading is set to deliver the cargo, one of the sources said.

In contrast: US crude exports to India nearly tripled to 568k bpd in October, displacing UAE barrels amid favourable Brent crude spreads and weaker Chinese demand. The US has now become India’s fourth-largest oil supplier, after Russia, Iraq, and Saudi Arabia.

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