Russian crude oil is once again flowing into Indian ports at record levels. Fresh Kpler data cited by the Financial Times show that during the summer, India imported more than 2.6 million barrels of Russian oil per day. That is an all-time high and accounts for more than half of the country’s total crude oil imports.
The increase has been remarkably rapid. In February, Russian oil imports were still around 1 million barrels per day. India’s total daily crude imports reached approximately 5 million barrels, the highest level seen since the escalation of tensions in the Persian Gulf.
The situation looked very different a year earlier. At the time, accusations from the White House that Indian purchases were indirectly supporting Russia’s position in the war in Ukraine prompted New Delhi to reduce its dependence on Russian crude. But the pause proved temporary. Negotiations between Washington and Tehran failed to produce a lasting agreement, while shipping through the Strait of Hormuz continued to face severe disruptions. India subsequently reassessed its approach.
According to sources cited by the Financial Times, the U.S. administration offered New Delhi temporary exemptions allowing the purchase of Russian crude in an effort to mitigate the impact of the Middle East crisis. In practice, economic pragmatism has taken precedence over earlier political pressure.
As long as the risk of further disruptions to supplies from the Gulf remains high, tankers departing from Russian ports represent one of India’s most reliable ways to keep its refineries and fuel reserves supplied. Once again, energy security is proving more influential than diplomatic maneuvering.
Source: Financial Times
Image: Yegor Aleyev / TASS
