Indian refiners are entering a more expensive operating cycle. After nearly three years of relying on discounted Russian crude to lower input costs and maintain fuel price stability, sourcing patterns are shifting again as US sanctions tighten on key Russian suppliers.
The recalibration is already affecting refinery run rates, import bills and procurement strategies across the sector.
India imports about 86% of the crude it processes. Since mid-2022, Russia became the largest supplier, frequently accounting for nearly one-third of India’s crude inflows. At its peak, India was sourcing around 1.75 million barrels per day from Russia, largely from Rosneft and Lukoil.
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