{"id":88590,"date":"2026-04-15T00:00:00","date_gmt":"2026-04-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/?p=88590"},"modified":"2026-04-15T10:41:05","modified_gmt":"2026-04-15T10:41:05","slug":"this-afternoon-indias-russian-oil-imports-surge-by-nearly-150-in-march","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2026\/04\/15\/this-afternoon-indias-russian-oil-imports-surge-by-nearly-150-in-march\/","title":{"rendered":"THIS AFTERNOON: India\u2019s Russian oil imports surge by nearly 150% in March"},"content":{"rendered":"<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Good afternoon, readers. <\/strong>We lead today\u2019s light issue with S&amp;P\u2019s latest GDP forecast for India, which sees a decline in India\u2019s GDP growth if oil prices remain above USD 100 \/ bbl.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Meanwhile, Russian barrels contributed significantly to India\u2019s crude mix<\/strong>, with state refiners increasing imports by 148% m-o-m to replace GCC supplies.<\/p>\n<p><strong>On the war front: <\/strong>As the ceasefire continues to hold, India has stepped up its diplomatic engagement from Washington to the GCC while calling for open and unhindered access to the Strait of Hormuz. Let\u2019s dive in.<\/p>\n<p class=\"tag-border-left\">Watch this space<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><a id=\"wwtt1\"><\/a> <strong>ENERGY \u2014 <\/strong><strong>Russian<\/strong><strong> crude gains in Indian crude mix: <\/strong>Oil purchases from Russia jumped 148% m-o-m in March as Indian state-owned refiners doubled down on a temporary US sanctions waiver to replace Gulf barrels, according to <a href=\"https:\/\/energyandcleanair.org\/march-2026-monthly-analysis-of-russian-fossil-fuel-exports-and-sanctions\/\" target=\"_blank\" rel=\"noopener\">data<\/a> from the Centre for Research on Energy and Clean Air (Crea). The surge coincided with a net 4% decline in India\u2019s total oil imports on the back of the US-Israel war on Iran.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Why it matters: <\/strong>The surge coincided with a <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/03\/13\/us-extends-russian-crude-waiver-as-india-scrambles-to-bypass-strait-of-hormuz\/\" target=\"_blank\" rel=\"noopener\">30-day US waiver, which expired on Saturday<\/a>, prompting opportunistic buying to maintain buffer stock amid disruptions in the Strait of Hormuz. India imported fossil fuels worth EUR 5.8 bn from Russia in March, with crude accounting for 91%. Russian crude, even at narrowing markdowns, is currently the most reliable option for Indian refiners given supply cuts from the GCC.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>State refiners lead surge:<\/strong> State-run refiners including Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation drove the spike, <a href=\"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/03\/refiner-hpcl-trims-russian-crude-ioc-resumes-selective-buys-from-non-sanctioned-firms\/\" target=\"_blank\" rel=\"noopener\">reversing earlier cutbacks<\/a><a href=\"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/03\/refiner-hpcl-trims-russian-crude-ioc-resumes-selective-buys-from-non-sanctioned-firms\/\" target=\"_blank\" rel=\"noopener\">under pressure from Washington<\/a>. State-owned New Mangalore and Visakhapatnam refineries resumed Russian sourcing after a pause triggered by the sanctions. \u201cTheir [state refineries] imports were 72% higher than March 2025, presumably due to Russian barrels being more available in the spot market, which serves as the primary source of imports for them,\u201d Crea said.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Private refiners such as Reliance Industries and Nayara Energy lifted purchases by 66% m-o-m.<\/strong> However, their numbers remain lower compared to March 2025.<\/p>\n<p><strong>Price gains: <\/strong>\u201cIn March 2026, the average price of Russia\u2019s Urals crude rose astronomically, up by 67% to USD 94.5 \/ bbl, remaining more than double the updated <a href=\"https:\/\/finance.ec.europa.eu\/document\/download\/68f60e66-3dfb-408a-8d83-bf4d83c9d61d_en?filename=260115-commission-notice-average-market-price-for-Russian-crude+oil_en_0.pdf\" target=\"_blank\" rel=\"noopener\">EU<\/a> and <a href=\"https:\/\/www.balticexchange.com\/kyc\/en\/news-and-events\/news\/kyc-news\/2026\/UK-and-EU-announce-further-reduction-in-price-cap-on-Russian-crude-oil.html\" target=\"_blank\" rel=\"noopener\">UK<\/a> price cap of USD 44.1 \/ bbl,\u201d Crea stated.<\/p>\n<hr style=\"height: 2px;border-width: 0;color: gray;background-color: gray\" \/>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><a id=\"wwtt2\"><\/a> <strong>IPO WATCH \u2014<\/strong> <strong>At<\/strong><strong> least 37 IPOs collectively seeking to raise INR 440 bn (USD 5.3 bn) from India\u2019s equity markets could opt for a delayed listing <\/strong>amid market volatility caused by the Iran war, <a href=\"https:\/\/www.fortuneindia.com\/markets\/ipo\/37-ipos-worth-44000-crore-to-benefit-from-sebis-extension-on-validity\/132384#google_vignette\" target=\"_blank\" rel=\"noopener\">Fortune India<\/a> reports.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Why it matters: <\/strong>India\u2019s capital markets regulator, the Securities and Exchange Board of India, has allowed IPO-bound companies that have already secured regulatory permissions to delay their listings to avoid weak debuts amid a declining streak in the Indian equity market. The regulator's move <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/04\/08\/this-afternoon-rbi-holds-rates-as-oil-risks-rise-sebi-offers-ipo-relief-amid-listing-delays\/\" target=\"_blank\" rel=\"noopener\">protects issuers from costly<\/a><a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/04\/08\/this-afternoon-rbi-holds-rates-as-oil-risks-rise-sebi-offers-ipo-relief-amid-listing-delays\/\" target=\"_blank\" rel=\"noopener\">refilings<\/a> and gives them flexibility to wait for better market conditions, as a sentiment of rising risk aversion and subdued investor participation lingers due to the war.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Despite market volatility, India\u2019s IPO pipeline remains sizable, with over 144 companies<\/strong> sitting on regulatory approvals to <a href=\"https:\/\/economictimes.indiatimes.com\/markets\/ipos\/fpos\/iran-war-leaves-rs-3-lakh-crore-ipo-backlog-in-india-will-reliance-jio-nse-and-others-end-the-lull-soon\/articleshow\/130250826.cms?from=mdr\" target=\"_blank\" rel=\"noopener\">raise<\/a> roughly USD 18.7 bn this year.<\/p>\n<hr style=\"height: 2px;border-width: 0;color: gray;background-color: gray\" \/>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><a id=\"wwtt3\"><\/a> <strong>TRADE \u2014<\/strong> <strong>The<\/strong><strong> India-Oman comprehensive economic partnership agreement (CEPA) will take effect on 1 June<\/strong>, Goyal told <a href=\"https:\/\/www.thehindubusinessline.com\/economy\/ftas-to-aid-indias-export-growth-despite-global-turmoil-piyush-goyal\/article70857626.ece\" target=\"_blank\" rel=\"noopener\">The Hindu<\/a>.<\/p>\n<p><strong>REMEMBER- <\/strong>The India-Oman CEPA, <a href=\"https:\/\/enterpriseam.com\/mena-india\/2025\/12\/19\/india-oman-cepa-signed-and-sealed\/\" target=\"_blank\" rel=\"noopener\">inked in December<\/a>, grants near-universal zero-duty access on over 98% of tariff lines and covers more than 99% of Indian exports by value. The pact also opens 127 services sub-sectors, <a href=\"https:\/\/enterpriseam.com\/mena-india\/2025\/12\/19\/india-oman-cepa-signed-and-sealed\/\" target=\"_blank\" rel=\"noopener\">allowing 100% foreign ownership for Indian firms<\/a> in key sectors, and eases mobility for professionals, positioning Oman as a gateway for Indian companies into wider MENA markets.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">Get <b style=\"font-weight: bold\">Enterprise<\/b> daily<\/h4>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p><a class=\"btn-green px-3 d-flex align-items-center\" href=\"\/egypt\/en\/user\/NewsLetters\" target=\"_blank\" rel=\"noopener\">Subscribe here<\/a><\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>*** YOU\u2019RE READING EnterpriseAM MENA &lt;&gt; India, your C-suite briefing on the movement of trade, investment, people, and ideas along one of the world\u2019s most exciting corridors.<\/strong> Every Monday, Wednesday, and Friday at 2:30pm UAE, we dive deep into the business, finance, economy, and policy headlines and trendlines that will move markets and set the tone for your day.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Were you forwarded this briefing? <\/strong><a href=\"https:\/\/enterpriseam.com\/mena-india\/newsletters\/\" target=\"_blank\" rel=\"noopener\">Tap or click here to sign up without charge for your own<\/a><a href=\"https:\/\/enterpriseam.com\/mena-india\/newsletters\/\" target=\"_blank\" rel=\"noopener\">copy<\/a>. ***<\/p>\n<p class=\"tag-border-left\">Data point<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>INR 2.05 tn<\/strong><strong> (USD 22 bn) \u2014 that\u2019s the projected size of India\u2019s data center market by 2030<\/strong>, compared to USD 10 bn in 2025, <a href=\"https:\/\/economictimes.indiatimes.com\/industry\/services\/property-\/-cstruction\/indias-data-centre-market-to-reach-22-billion-by-2030\/articleshow\/130228647.cms\" target=\"_blank\" rel=\"noopener\">Economic Times<\/a> reports.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>IN CONTEXT-<\/strong> Installed capacity is projected to increase to around 5 GW by 2030 from up to 2.0 GW by 2026, supported by rising data usage and continued expansion of digital infrastructure. Investment activity in data centers has accelerated alongside this demand, with USD 13-15 bn deployed between 2020 and 2024, largely led by foreign institutional investors. Newly announced projects in the pipeline total USD 60-70 bn over the next five years, pointing to sustained capacity additions.<\/p>\n<p class=\"tag-border-left\">The big story abroad<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Washington\u2019s naval blockade on Iran is still in effect and bilateral talks \u201ccould be <\/strong><strong>happening over next two days<\/strong>,\u201d US President Donald Trump <a href=\"https:\/\/nypost.com\/2026\/04\/14\/us-news\/president-trump-tells-the-post-us-iran-talks-could-be-happening-over-next-two-days\/\" target=\"_blank\" rel=\"noopener\">said overnight<\/a>. A major sticking point will be Iran\u2019s nuclear ambitions. Washington reportedly <a href=\"https:\/\/www.nytimes.com\/2026\/04\/13\/us\/politics\/us-iran-deal.html\" target=\"_blank\" rel=\"noopener\">proposed<\/a> a 20-year \u201csuspension\u201d of all nuclear activity \u2014 not just a permanent ban of nuclear enrichment. Iran is holding out for a five-year suspension of work on anything nuclear.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The US blockade of Hormuz has tankers stopping <\/strong>or turning around, <a href=\"https:\/\/www.ft.com\/content\/c61897ff-3ed2-4c19-ad31-41440f802f9f?syn-25a6b1a6=1\" target=\"_blank\" rel=\"noopener\">the FT notes<\/a>.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Pressure on Tehran is mounting<\/strong>, with Washington deciding not to renew a 30-day waiver of sanctions \u2014 set to lapse this Sunday \u2014 on Iranian oil at sea, <a href=\"https:\/\/www.reuters.com\/business\/energy\/us-allow-waiver-iran-oil-expire-administration-sources-say-2026-04-14\/\" target=\"_blank\" rel=\"noopener\">Reuters<\/a> reports. The waiver has allowed roughly 140 mn barrels of oil to reach global markets.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Lebanon and Israel held their <\/strong><strong><a href=\"https:\/\/apnews.com\/article\/lebanon-israel-us-war-hezbollah-negotiations-28b207b800de1804d8c2ab5242237542\" target=\"_blank\" rel=\"noopener\">first direct diplomatic talks<\/a><\/strong><strong> in decades on Tuesday in <\/strong><strong>Washington<\/strong>, which the US State Department called a \u201chistoric milestone.\u201d Iran-aligned Hezbollah was not represented at the sit-down and has long opposed direct talks with Tel Aviv.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>MEANWHILE- US banks are <\/strong><strong><a href=\"https:\/\/www.ft.com\/content\/0b8fe58f-e392-4aa4-b3cd-c75f566d495e?syn-25a6b1a6=1\" target=\"_blank\" rel=\"noopener\">breaking earnings records<\/a><\/strong><strong> as 1Q financials come out. <\/strong>Investment banks capitalized on a volatile first quarter marked by US intervention in Venezuela and the war on Iran. JPMorgan Chase delivered its highest-ever top line figure, while Citi turned in its best quarterly revenue in a decade.<\/p>\n<p class=\"tag-border-left\">Circle your calendar<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays, and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: India\u2019s IPO pipeline to see delayed listings amid eased timelines<\/p>\n","protected":false},"author":1,"featured_media":88591,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2403],"tags":[2402,2771,2707,2538,2401],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam-india","tag-oil-gas","tag-russian-crude","tag-sebi","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"7b019dda-c392-427d-a561-0407fe478d08","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/4\/724.jpg","photo_position":"above","homepage_title":"","full_issue_title":"India\u2019s Russian oil imports surge by nearly 150% in March","related_issue":[88588],"teaser":"Plus: India\u2019s IPO pipeline to see delayed listings amid eased timelines","photo_link":"","related_sponsor":"","voice_url":"","en_translation_ref_id":"","section_story_id":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS AFTERNOON: India\u2019s Russian oil imports surge by nearly 150% in March - MENA India Corridors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/04\/15\/this-afternoon-indias-russian-oil-imports-surge-by-nearly-150-in-march\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS AFTERNOON: 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