Overview
- India’s crude and condensate imports are projected at about 5.2 million barrels per day in January, a record driven by surging non‑Russian deliveries, according to Vortexa.
- Reliance plans about 150,000 barrels per day of sanctions‑compliant Russian crude from February after a January pause, having halted Rosneft purchases and confined any Russian processing to its domestic‑market unit.
- Indian refiners stopped buying from Rosneft and Lukoil and have increased sourcing from the Middle East, the Americas and, to a lesser extent, West Africa, vessel‑tracking and market reports show.
- The United States has told India it can resume Venezuelan crude purchases, and sources say India is preparing to cut Russian intake from roughly 1.2 million bpd in January to about 1.0 million in February and 800,000 in March.
- Russian oil export revenues fell about 20% year on year in 2025, the Financial Times reported, while crude shipments averaged roughly 3.18 million bpd in the four weeks to January 25, Bloomberg’s tracking shows.