India’s crude imports hit record high in Oct as refiners stock up for festivals, product exports

Crude imports by Indian refiners rose to an all-time high of 5.54 million b/d in October, as refiners capitalized on improved availability to build supplies ahead of festival demand, while processing higher volumes to produce additional middle distillates for international markets facing supply tightness, industry sources and analysts said Nov. 3.

Domestic-bound crude imports in October were up 9% from both September and the same month a year earlier, according to data from S&P Global Commodities at Sea(opens in a new tab). The monthly average surpassed the previous high of 5.50 million b/d imported in March 2025.

“Russian imports have come off the peaks we saw in June and July, but they’re still close to 2 million b/d in October. At the same time, we are seeing more barrels coming out of the Middle East, particularly from Saudi Arabia and Iraq, and Indian refiners are taking advantage of that availability ahead of stronger seasonal demand,” said Premasish Das, executive director for oil analytics at S&P Global Energy CERA.

Russian crude shipments to India rose sharply in the first half of 2026, increasing from 1.17 million barrels/day in January to a peak of 2.43 million b/d in June, according to CAS. Flows eased to 2.05 million b/d in July, 1.98 million b/d in August, and 1.64 million b/d in September, but picked up to nearly 2.1 million b/d in October.

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