India's crude imports down 21%; Russia tops, Iran gains

NEW DELHI: India's crude oil imports fell 21% in the first fortnight of April compared with February, reflecting the supply disruptions caused by the Iran war. The month saw Russia account for about 40% of supplies and Iran emerging as India's fourth-largest crude supplier, overtaking the US.

Imports totalled 4.1 million barrels per day during April 1-14, compared with 5.2 million barrels per day in February, according to ship-tracking data from Kpler. Imports declined 8% from 4.4 million barrels in March. "Energy trade flows remain highly fluid amid ongoing developments in the Middle East," said Nikhil Dubey, senior research analyst at Kpler. "If the situation does not improve, energy import volumes are expected to trend lower from March levels." A US waiver on sanctioned Russian and Iranian volumes helped Indian refiners, who ramped up purchases from both countries.

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Russia supplied 23.12 million barrels, or 40% of India's total imports of 57.53 million barrels during April 1-14. However, Russia's share fell from 46% in March, when refiners aggressively tapped floating cargoes after disruptions linked to the Iran conflict choked supplies through the Strait of Hormuz that typically handles about 40% of India's oil imports.

Iran supplied about 4 million barrels in April, or 7% of total imports, resuming shipments to India after seven years. However, a US naval blockade of Iranian ports, currently underway, could constrain further supplies this month.