India resumes Middle Eastern oil imports

India’s crude oil imports from the Middle East saw a significant increase in September, reaching around 2.8 million barrels per day—its highest level since February—up 32% from the previous month. This rise was driven by increased shipments via the Strait of Hormuz and a decline in imports of Russian oil, which fell by 14% to 1.8 million barrels per day, with Russian crude accounting for 33.5% of total imports. Indian refineries are also seeking to purchase spot shipments from the Middle East at discounted prices, which have now become comparable to the costs of Russian and Iraqi oil. As a result, India’s total oil imports rose by 20% in September to approximately 5.33 million barrels per day, with Iraqi imports increasing to 830,000 barrels per day.

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