India Buys Russian Oil Amid Hormuz
Analysis based on 11 articles · First reported Mar 25, 2026 · Last updated Mar 25, 2026
The increased oil purchases by India, particularly from Russia and Venezuela, are expected to ease supply concerns in the global energy markets, which have been strained by disruptions in the Strait of Hormuz. This move also boosts Russia's oil revenues, marking its highest earnings since March 2022.
India has secured approximately 60 million barrels of Russian crude oil for April delivery, with purchases made at premiums of $5 to $15 a barrel to Brent Crude. This significant acquisition aims to alleviate supply concerns stemming from ongoing conflicts in West Asia and disruptions in the Strait of Hormuz. The buying spree was facilitated by a United States waiver, initially allowing India to receive Russian oil loaded before March 5, which was later expanded. Indian refiners, including Mangalore Refinery and Petrochemicals Limited and Hindustan Mittal Energy Limited, have resumed buying Russian oil after a period of reduced purchases due to US pressure. Previously, India had shifted towards suppliers like Saudi Arabia and Iraq, but many of those cargoes became stranded in the Persian Gulf. In addition to Russian oil, India is diversifying its supply by increasing imports of Venezuelan crude, projected to reach 8 million barrels for April, the highest since October 2020. Russia is significantly benefiting from this renewed demand and elevated prices, with its crude export earnings reaching their highest levels since March 2022.
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