November 2, 2026: India's crude oil imports surged to a record high of about 5.6 million barrels per day in October, with refiners stepping up purchases from the Middle East and Russia despite ongoing geopolitical tensions, according to data from energy intelligence firm Kpler.

Middle Eastern supplies accounted for about 2.3 million barrels per day, and Russian crude flows remained strong at around 2 million bpd, Kpler lead analyst Nikhil Dubey said in a post.

Higher ship-to-ship transfers helped move more crude through the Strait of Hormuz, supporting a recovery in Gulf supplies during September and October and giving Indian refiners greater flexibility in sourcing.

Russian shipments could moderate in November and December as attacks in the Black Sea push up freight rates, making those barrels less competitive on a landed-cost basis. At the same time, Gulf suppliers are offering competitive delivered prices to regain market share in India, Dubey said.

With European buyers shunning Russian oil, Moscow offered steep discounts to attract alternative markets, and India emerged as a major buyer, sharply increasing imports from negligible levels before the war to as much as 40-50 per cent of its crude basket at their peak.

Indian refiners were drawn by the price advantage, with Russian Urals at times trading around USD 30 a barrel below Brent in late 2022 and early 2023. The shift transformed Russia into one of India's largest crude suppliers, as refiners prioritised cheaper landed costs and supply security over Western pressure to curb purchases.

Discounts have, however, almost vanished now, but the disruption in supplies from the Middle East has meant that Indian refiners stick to Russian barrels.

"Russian flows, which have held strong at these levels, could soften in November-December as attacks in the Black Sea push freight rates higher, making Russian barrels less attractive on a landed cost basis," Dubey said.

(Source: Money control)