India's Oil Exports Amid Sanctions

Summary of Key Facts and Data on India's Oil Imports from Russia

Background Context

• India and two other countries, Turkiye and Brunei, refined Russian crude and exported oil products worth 1 billion euros ($1.2 billion) to sanctioning nations in September 2026, a 43% increase from August.
• Reliance Industries Ltd.'s Jamnagar refinery in Gujarat was a major contributor, supplying six of the seven cargoes received at EU ports despite the EU's ban on these products.

Import and Export Data

• Exports Breakdown:

  • EU: 667 million euros
  • Australia: 168 million euros
  • U.S.: 154 million euros
  • New Zealand: 19 million euros
  • Total refined from Russian crude: estimated 295 million euros.

• Destinations for EU-bound shipments:

  • Italy: 3 shipments
  • Romania: 2 shipments
  • Spain and Cyprus: 1 shipment each

• Significant shipment: A single 104,000-tonne cargo of gasoil (diesel) from Jamnagar en route to Rotterdam.

EU Sanctions and Recommendations

• The EU banned imports of oil products refined from Russian crude starting January 2026.
• Current regulations permit exemptions for net crude exporters, but there are calls for a stricter ban at the refinery level, which would prohibit any products from a plant that has processed Russian crude in the prior six months.

Trends in Imports

• India's imports of Russian crude fell 13% in September, marking the second consecutive month of decline, the lowest rates since April:
  • Jamnagar: 27% decrease
  • IOC's Paradip: 21% decrease
  • Nayara Energy's Vadinar: 8% decrease
• Interestingly, Vadinar surpassed Jamnagar as India's largest importer of Russian crude.

Overall Imports Statistics

• India ranked as the second-largest buyer of Russian fossil fuels in September 2026, totaling 4.1 billion euros in imports:
  • Crude oil constituted 88% (approx. 3.6 billion euros)
  • Coal: 309 million euros
  • Oil products: 161 million euros

Volume and Price Analysis

• Clarification on price: Urals crude averaged $90.7 per barrel, about $23 below Brent prices, maintaining this gap since August.
• Asia, particularly China, has become increasingly competitive for Russian crude imports.

Outlook

• Analysts project India's October imports to remain stable at 1.8-1.9 million barrels per day.

This summarization outlines crucial details regarding India's involvement in the global oil market, particularly in relation to Russian crude imports amid changing sanctions and geopolitical dynamics, providing important context for economic and international relations studies.