An Indian Oil petrol pump can be in Kolkata
Indian refiners’ love of Middle East crude should not be forgotten
Russian oil may be top of India’s menu, but its appetite for Middle East grades will always be a crucial part of the diet
The Middle East has consistently been the largest supplier of crude oil to India. The region’s share has been eaten into by cheap Russian grades during the last two years, but barrels from Saudi Arabia, Iraq and the rest of the Mideast Gulf is expected to be the mainstay of Indian crude imports in the medium and long run. The headlines for the past two years have told the same story: Russia has been the top crude source by single country for India since the Ukraine conflict broke out in February 2022. Russian supplies have hovered between 35% and 40% in each month as Moscow provides deep discounts on its crude. But taken as a whole, the Middle East still provides the majority of the crude. M
Also in this section
15 May 2025
Financial problems, lack of exploration success and political dogma cause uncertainty across much of the region
14 May 2025
The invisible hand of the market has seen increasing transparency but much more needs to be done to build a better understanding
13 May 2025
A fall in Venezuelan output drives overall production lower, as Saudi Arabia starts to slowly bring more crude to the market
12 May 2025
With the gas industry’s staunchest advocates and opponents taking brutal blows, the sector looks like treading a path of insipid indifference
