India imported 19.93 million tons of crude oil last month, a 1.7% increase from August, the Economic Times reported, citing government data. The total is equal to roughly 4.87 million barrels daily.
The annual increase in imports for September was more pronounced, at 6.1%, the data also showed.
In oil products, the government’s Petroleum Planning and Analysis Cell reported imports of 4.40 million tons, which was a 20.9% increase on September 2024. Product exports, on the other hand, fell by 4.8% to 6.18 million tons.
The publication also reported that Russian exports of crude oil to India declined by 8.4% over the three months to September amid shrinking discounts and tighter availability of barrels. The decline is expected to become sharper in the coming weeks, following the latest U.S. sanctions on Russian oil, targeting two of the largest exporters—Rosneft and Lukoil.
Reuters reported last week, citing unnamed sources, that Reliance Industries—India’s largest refiner—was preparing to suspend all crude oil purchases from Rosneft, which has hitherto been a major supplier.
India’s Mint, meanwhile, reported that India may agree to reduce Russian oil imports in exchange for a trade deal with Washington that would see its tariff burden reduced from 50% to between 15% and 16%.
The bill for oil imports will rise if this happens. Russian crude—often sold at a discount to comparable grades—has come to account for a third of India’s total imports. Replacing this amount—over 1 million barrels daily—would likely push prices higher, adding to India’s total import bill. Crude oil imports account for 86% of domestic consumption.
The Economic Times reported that, this month, two Indian refiners had purchased 4 million barrels of Guyanese oil from Exxon, with delivery scheduled for either the end of this year or the start of 2026.
Source: By Irina Slav from Oilprice.com