India’s Oil Imports from Russia Surge in May, Becoming Second-Largest Buyer

India’s oil imports from Russia surge in May, with the country emerging as the second-largest buyer of Russian fossil fuels, importing an estimated 5.8 billion euros (USD 6.7 billion) worth of Russian hydrocarbons, according to a report by the Centre for Research on Energy and Clean Air (CREA).

India’s Refiners Boost Russian Oil Purchases

Crude oil accounted for about 83 per cent of India’s imports from Russia during the month, valued at 4.8 billion euros, while oil products and coal imports stood at 550 million euros and 429 million euros, respectively.

India’s total crude import volumes recorded an 8 per cent month-on-month increase in May, with some of India’s largest refining hubs recording notable increases in Russian crude arrivals.

State-Run Refiners Expand Purchases

State-run refiners also expanded purchases after resuming imports earlier this year, with the New Mangalore and Visakhapatnam refineries continuing to buy Russian oil after restarting purchases in March.

Russian crude deliveries to New Mangalore rose 13 per cent month-on-month in May, while imports at Visakhapatnam jumped 42 per cent.

Market Impact and Details

• China bought 50 per cent of Russia’s crude exports in May, followed by India (36 per cent), Turkiye (6 per cent), and the EU (5 per cent).
• Crude oil made up 69 per cent of China’s purchases, followed by pipeline gas, then coal, and lastly LNG.
• Refineries using Russian crude in India, Turkiye, Brunei, and Georgia exported Euro 641 million of oil products to sanctioning countries in May 2026.
• Exports to the US originated at Reliance Industries Ltd’s Jamnagar refinery, the SOCAR-owned STAR refinery in Turkiye, and the Tupras Izmit refinery as well.

Key Takeaways

• India’s oil imports from Russia surged in May, with the country emerging as the second-largest buyer of Russian fossil fuels.
• Crude oil accounted for about 83 per cent of India’s imports from Russia during the month.
• State-run refiners expanded purchases after resuming imports earlier this year.

FAQs

What is the estimated value of India’s oil imports from Russia in May?

India imported an estimated 5.8 billion euros (USD 6.7 billion) worth of Russian hydrocarbons in May.

What percentage of India’s imports from Russia was crude oil in May?

Crude oil accounted for about 83 per cent of India’s imports from Russia during the month.

Which refineries exported oil products to sanctioning countries in May 2026?

Refineries using Russian crude in India, Turkiye, Brunei, and Georgia exported Euro 641 million of oil products to sanctioning countries in May 2026.

Conclusion

India’s oil imports from Russia surged in May, with the country emerging as the second-largest buyer of Russian fossil fuels. Despite evolving geopolitical and sanctions-related pressures, Indian refiners continue to find discounted Russian barrels attractive. As the global energy landscape continues to evolve, it will be interesting to see how India’s oil imports from Russia change in the coming months.