India’s crude oil imports from Latin America and Africa saw a slight increase in February as refiners sought alternative sources amid concerns over potential disruptions to Russian oil supplies due to stricter U.S. sanctions. According to trade data, the South Asian country had become the largest buyer of Russian seaborne oil, which was being sold at discounts following the sanctions imposed by Western nations in response to Russia’s invasion of Ukraine in 2022. Data from Reuters indicates that the imports of Russian oil decreased by 3% from January, averaging approximately 1.54 million barrels per day (bpd) in February.
This marked the lowest share of Russian oil in India’s overall crude imports since January 2024. During the same period, India’s oil imports from African countries surged to about 330,000 bpd, up from 143,000 bpd in January. Additionally, imports from South America experienced a significant increase, rising by 60% to 453,600 bpd.
In January, the U.S. had imposed sweeping sanctions on Russian oil producers and vessels, creating challenges for supply from one of the world’s top oil producers and complicating shipping logistics. As a result, Russia’s contribution to India’s overall oil imports dropped to around 30.5% in February, while Latin America’s share climbed to 9%, peaking since December 2021. Notably, India also imported a rare cargo of Gabon’s Etame grade oil and for the first time, acquired Argentina’s Medanito oil in February.
In preparation for the February 27 deadline imposed by the latest U.S. sanctions regarding energy deals, Indian refiners had expedited their purchases of Russian oil. Toward the end of the month, about six vessels carrying Russian oil arrived at Indian ports, although they were discharged in March. The reduced intake of Russian oil led to a slight increase in imports from OPEC members and West African nations.