Key facts
- Middle Eastern oil accounted for 54% of all Indian imports in September.
- Imports of Russian oil fell 14% from August to 1.8 million bpd in September.
- China has increased its demand for Russian crude, competing with India.
India's crude oil imports from the Middle East saw a significant rebound in September, increasing by 32% from August to 2.8 million barrels per day. This surge brought Middle Eastern oil's share of India's total imports to 54%, the highest level since February. The rise was attributed to increased crude volumes flowing through the Strait of Hormuz via ship-to-ship transfers. Meanwhile, imports from Russia declined by 14% to 1.8 million bpd, as China's growing demand for Russian crude, following restrictions on Iranian oil, intensified competition. Indian refiners are increasingly favoring Middle Eastern oil due to competitive pricing and shorter shipping routes.