Indian refineries increase buying of Russian crude
(MENAFN) India has emerged as the leading buyer of Russia’s seaborne Urals crude in 2025, accounting for 80% of total exports, Bloomberg reported, citing data from analytics firm Kpler. Two private Indian refineries—Reliance Industries and Nayara Energy—have significantly increased their purchases, making up 45% of all Urals crude brought into India this year.
So far in 2025, India has imported 231 million barrels of Urals crude. Reliance Industries alone has purchased 77 million barrels, making it the world’s largest buyer of Russian oil this year. The company, owned by billionaire Mukesh Ambani, signed a major ten-year agreement with Rosneft in December 2024 to receive 500,000 barrels per day, valued at approximately $13 billion annually. The deal is the largest energy partnership to date between Russia and India.
Nayara Energy, which has partial Russian ownership, has also increased its Russian crude intake. Rosneft acquired a majority stake in the company—formerly Essar Oil—in 2017. Nayara now sources around 72% of its oil from Russia, up from 27% three years ago.
Russia has held its position as India’s top oil supplier since the Ukraine conflict escalated in 2022. In May, India’s Russian oil imports reached 1.8 million barrels per day, the highest in ten months, helping Moscow maintain its dominant position in the Indian market.
Analysts say India’s increased reliance on Russian oil is partly due to rising instability in the Middle East. Iran’s recent threats to block the Strait of Hormuz—a key route for 20% of global oil shipments—following US strikes on its nuclear facilities, have fueled concerns over energy security. However, Indian officials have stated the country is prepared to cope with any disruptions to oil flows through the strait.
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