State-owned Indian refiners bought more Russian crude oil than the private companies as Reliance Industries drew a blank in January 2026. Indian Oil Corporation (IOC) emerged as the largest importer of Russian crude in January 2026, with Russia retaining its position as the country’s top crude supplier for the month.
According to commodity market analytics firm Kpler, India’s total imports of Russian crude stood at around 1.16 million barrels per day (bpd) in January 2026 with IOC importing about 598,000 barrels per day (kbd), accounting for more than half of India’s total intake from Russia.
Private refiner Nayara Energy was the second-largest importer, sourcing around 410 kbd. Another state-owned company, Bharat Petroleum Corporation Ltd (BPCL), imported a comparatively smaller volume of 154 kbd, indicating limited but sustained engagement.
In contrast, several refiners recorded zero Russian crude imports in January. Reliance Industries Ltd (RIL), India’s largest private refiner, did not import any Russian crude during the month. HMEL, MRPL, and HPCL also reported no intake of Russian barrels.
India imports nearly 88% of its crude oil requirements from around 41 countries. Since the outbreak of the Russia–Ukraine war in 2022, Russian crude has accounted for the largest share of India’s import basket. However, Western countries have pressured India to cut down on discounted crude from Russia, as the purchases indirectly support Russia’s war effort in Ukraine.
In August 2025, the US imposed an additional 25% tariff on India in response to continued energy purchases from Moscow. The US also sanctioned two of Russia’s largest oil producers, Rosneft and Lukoil, in November 2025. Subsequently, India has reduced its Russian oil imports and diversified its crude sourcing, though not entirely.
According to Kpler data, Iraq (1.03 million bpd) and Saudi Arabia (0.79 million bpd) remained the leading Middle Eastern suppliers in January 2026, together accounting for a substantial share of India’s imports. The UAE supplied around 0.40 million bpd, while the United States contributed about 0.30 million bpd.
In December 2025, total Russian crude imports were around 1.219 mbd. RIL’s intake was 0.293 mbd, while HMEL, MRPL, and HPCL reduced volumes significantly, with MRPL and HPCL cutting imports to zero. IOC (0.427 mbd) and Nayara (0.329 mbd) emerged as the most stable buyers. In November 2025, imports were about 1.837 mbd of Russian crude, the highest level in the quarter.
RIL increased its intake to 0.575 mbd, while Nayara Energy (0.408 mbd) and IOC (0.392 mbd) maintained strong volumes. BPCL also raised imports to 0.191 mbd, supporting the overall increase. In October 2025, Indian refiners imported around 1.619 mbd of Russian crude. RIL was the largest buyer at 0.500 mbd, followed by IOC at 0.405 mbd and Nayara Energy at 0.398 mbd. Other refiners, including BPCL, HMEL, MRPL, and HPCL, contributed smaller but steady volumes.