India Shifts Oil Imports: Saudi Supply Surpasses Russia in February

New Delhi: India is set to import the highest volume of crude oil from Saudi Arabia in six years this February, overtaking Russia temporarily. The shift comes amid US pressure on India to reduce purchases of Russian oil.

Record Imports from Saudi Arabia

According to reports, India’s crude oil imports from Saudi Arabia in February reached approximately 1–1.1 million barrels per day (bpd), the highest since November 2019. On 20 February, data from global analytics provider Kpler indicated that Saudi shipments touched 1.3 million barrels, surpassing Russia’s roughly 1.1 mbd. Historically, Saudi Arabia ranked third or fourth among India’s crude suppliers, behind Russia, Iraq, and the UAE.

Russian Supply Declines

After Russia’s invasion of Ukraine in 2022, India became a major buyer of Russian crude, taking advantage of steep discounts due to Western sanctions. At its peak, India imported nearly 2 million bpd of Russian oil.

However, Kpler estimates that Russian crude supplies to India will drop to 0.8–1 million bpd next month as the US pushes India to reduce Russian purchases. This reduction coincides with maintenance schedules at refineries like Nayara in Vadodara, further limiting Russian imports.

Narrowing Gap Between Saudi and Russian Oil

Kpler’s lead analyst Sumit Ritolia noted, “The recent surge has significantly narrowed the gap between Saudi and Russian supplies. We expect some fluctuations as shipments arrive in early March. Overall, February imports from Saudi Arabia are likely to average 1–1.1 mbd, marking a multi-year high.” He added that Russian imports may drop further in April due to EU restrictions and refinery maintenance schedules.

Strategic Shift in India’s Oil Sourcing

This development signals India’s strategic pivot in energy sourcing, balancing geopolitical pressures and ensuring stable crude supplies. Saudi Arabia’s temporary lead underscores its growing role as a key supplier amid changing global dynamics.