Core Viewpoint - India is expected to reduce its imports of Russian crude oil by 50%, while still seeking ways to circumvent U.S. sanctions to maintain some oil flow [1][2]. Group 1: Import Reductions - A former foreign minister indicated that India will gradually decrease oil purchases from Russia, projecting a 50% reduction, although some oil will continue to be imported [1]. - Indian companies and banks are likely to diversify their oil sources to avoid U.S. sanctions, leading to a steady decline in orders from Russia [2]. Group 2: Current and Future Import Data - U.S. sanctions on Russian oil companies Rosneft and Lukoil have already led to a decrease in new orders from Indian refiners, with Kpler data showing imports from Russia at 1.855 million barrels daily in November, up from 1.48 million barrels daily in October [3]. - Expectations for November indicate a potential drop in imports to around 1 million barrels daily, a decrease of 47% compared to previous levels, marking the lowest imports since 2022 [5]. - Over the first nine months of the year, India imported a total of 5.4 million tons of Russian crude, spending approximately $2.43 billion [5].
India Signals a 50% Cut in Russian Oil Imports Under U.S. Sanctions Pressure