New Delhi, October 18 (IANS). India's crude oil imports from Russia declined by 13 percent in September due to rising oil prices and the ongoing conflict in West Asia. According to the report of the Center for Research on Energy and Clean Air (CREA), this is the second consecutive month that Russian crude oil imports have declined and have reached the lowest level since April.
According to the report, rising tensions in West Asia affected both the Red Sea trade route and the Strait of Hormuz, increasing pressure on the global oil market and causing prices to rise.
Imports of Russian crude at the Jamnagar refinery operated by Reliance Industries in India declined by 27 percent. At the same time, imports at Indian Oil Corporation (IOC)'s Paradip Refinery declined by 21 percent, while at Nayara Energy's Vadinar Refinery, it declined by 8 percent.
India remained Russia's second largest fossil fuel buyer in September. During this period, India imported Russian hydrocarbons worth 4.1 billion euros, of which 88 percent was crude oil. Only China purchased more from Russia than this.
The CREA report said that since December 2022, India's share in Russia's total crude oil exports has been 37 percent, while China's share has been 50 percent.
Meanwhile, in a big relief to India and China, US President Donald Trump on Friday issued an executive order waiving many restrictions and duties related to Russian oil exports. These restrictions were to come into effect the next day. Trump said that this decision has been taken in the “national interest” of America. This will help India and China to continue importing Russian oil at the current level.
According to the report, the average price of Russia's Ural grade crude oil increased by 32 percent month-on-month to reach $90.7 per barrel in September 2026. This is the highest monthly average level since April 2026 and more than double the price ceiling of $44.1 per barrel set by the EU and Britain. This price cap came into effect from 1 February 2026 and has been retained under the EU's 21st sanctions package.
Oil transportation passing through the Strait of Hormuz increased by more than 60 percent month-on-month in September, despite global fossil fuel prices remaining high, the report said. However, this level is still below the level before the attacks on Iran by the US and Israel.
According to CREA, the Hormuz energy crisis has also provided a big boost to Russia's fossil fuel export earnings. According to the organization's analysis, Russia's seaborne export earnings have increased by approximately $35.9 billion (about 31 billion euros) due to higher oil and gas prices in the six months since the start of the US-Israel and Iran conflict.
The report also notes that Russia's fossil fuel exports are still highly dependent on a few major buyers. China remains the largest buyer of crude oil and coal, Turkey is the largest buyer of oil products, while the EU remains the largest importer of liquefied natural gas (LNG) and pipeline gas. This makes it clear that Moscow's energy exports are largely dependent on a few selected markets.
–IANS
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