Russian Oil Exports to India Drop as Middle East Crude Becomes More Competitive

India’s crude oil imports from Russia have dropped to 310,000 bpd, the lowest level since March 2022, due to increased Middle East crude availability and higher Urals prices, despite no official import reduction orders from India.

Why it matters. Indian refiners are shifting towards cheaper Middle Eastern crude, reducing Russian oil imports, which could impact Russia’s oil export revenues and India’s energy supply diversification.