Russian Share of India’s Oil Imports Drops to Lowest Level Since 2022

New Delhi, Feb 18: Russia’s share of India’s oil imports has fallen to its lowest level since late 2022, signalling a subtle but important shift in India’s energy sourcing strategy as refiners rebalance supplies amid changing prices and logistical considerations. The decline comes after more than three years in which discounted Russian crude became a dominant part of India’s import basket following the Ukraine conflict.

Industry observers say the move reflects market calculations rather than a political pivot. “Refiners are extremely price sensitive — they will buy wherever the economics work best,” one energy analyst said, adding that freight costs and payment mechanisms have increasingly influenced monthly decisions. Another trader familiar with the flows noted that “Indian buyers are diversifying again; no single supplier wants to hold too much risk in a volatile market.”

Officials have consistently maintained that India’s energy policy is guided by affordability and national interest. A senior industry executive said the latest numbers should be read as “a normalisation of sourcing patterns rather than a dramatic shift,” though the timing will likely draw attention given global scrutiny over Russian oil exports.

The adjustment highlights India’s balancing act — maintaining energy security while navigating geopolitical pressure — and suggests that as price advantages narrow, commercial logic may once again reshape the country’s oil map.