India's Russian Oil Imports Fall Sharply in December Amid Sanctions, Recovery Expected
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India's Russian Oil Imports Fall Sharply in December Amid Sanctions, Recovery Expected

India's imports of Russian crude oil saw a significant drop in December, reaching their lowest levels since late 2022, with deliveries estimated around 1.1-1.2 million barrels per day. This decline is attributed to disruptions from US sanctions on major Russian exporters like Rosneft and Lukoil, impacting buyer confidence and leading some refiners, including Reliance Industries, to pause or reduce purchases. Analysts anticipate a gradual recovery from January as new intermediaries and supply chains re-establish, indicating a short-term adjustment rather than a structural shift in India's sourcing patterns.

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