India's oil imports from Russia increased marginally in the first half of 2026, with private refiners Reliance Industries Ltd and Nayara Energy leading the purchases, according to data from trade sources cited by Reuters.
Import Volumes and Key Players
The slight uptick in imports comes as Indian refiners continue to capitalize on discounted Russian crude, which has remained competitive despite global price fluctuations. Reliance Industries, operator of the world's largest refining complex in Jamnagar, and Nayara Energy, backed by Russian oil major Rosneft, were the primary buyers during the period.
Data shows that India's total Russian oil imports in January-June 2026 averaged around 1.8 million barrels per day (bpd), up from 1.7 million bpd in the same period last year. This represents a modest increase of approximately 5.9%.
Market Dynamics and Discounts
Russian crude has been trading at a discount to global benchmarks due to Western sanctions imposed over the conflict in Ukraine. Indian refiners have taken advantage of these discounts to boost margins, while also meeting domestic fuel demand. The discounts have narrowed somewhat in 2026 but remain attractive enough to sustain import levels.
According to an industry source, "The price advantage of Russian oil over other grades has reduced but is still significant enough for refiners to continue purchases." This has helped India maintain its position as one of the top buyers of Russian crude.
Impact on Global Oil Trade
India's steady imports of Russian oil have reshaped global crude flows, with Moscow redirecting supplies from Europe to Asia. In 2025, Russia became India's largest oil supplier, surpassing traditional sources like Iraq and Saudi Arabia. The trend has continued into 2026, though at a slower pace.
The increase in imports also reflects India's growing energy needs, as the country's economy expands. India is the world's third-largest oil consumer, importing over 85% of its crude requirements.
Private Refiners Lead the Charge
Reliance Industries and Nayara Energy together accounted for nearly half of India's Russian oil imports in the first half of 2026. State-owned refiners like Indian Oil Corporation also purchased Russian crude but in smaller volumes compared to private players.
The reliance on Russian oil has drawn scrutiny from Western nations, but India has defended its energy purchases as necessary for its energy security. The government has stated that it will continue to buy oil from wherever it gets the best deal.
