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India's Oil Shift: From West Asia to Russia
12 May
Summary
- India's crude oil imports were dominated by West Asia for decades.
- Russia was a minor supplier before the Ukraine war began.
- Indian refiners increased purchases after Western sanctions on Russia.
For three decades, India's crude oil imports heavily favored West Asian nations, with Saudi Arabia, Iraq, and the UAE being primary suppliers. Russia, in contrast, held a minimal share, accounting for just 1.7% of imports in the financial year 2019-20. This traditional dynamic began to change after the February 2022 start of the war in Ukraine. As Western countries imposed price caps and sanctions on Russian oil, Russia actively sought new international buyers.
Indian refiners stepped in to fill this void, substantially increasing their purchases of Russian crude. This strategic pivot has effectively redrawn India's oil import map, moving away from its long-standing reliance on West Asia and incorporating Russia as a significant supplier. The article concludes by posing whether a similar shift could occur for cooking oil imports.
