According to the Financial Express, in the first 21 days of March 2025, crude oil exports from Russia to India reached 1.85 million barrels/day, a significant increase compared to 1.47 million barrels/day in February and 1.64 million barrels/day in January.
Russian oil currently accounts for more than 35% of total oil imports from India, up from 31% last month.
The main reason for Russia's increased exports to India is the sharp decline in urals (the main oil of Russia).
In February, the average oil price was 29.9 USD/barrel, while in March it decreased to 56 USD/barrel, below the price cap of 60 USD/barrel imposed by the G7.
For comparison, on March 24, Brent oil prices stood at 71.91 USD/barrel, while US WTI crude oil traded around 68.08 USD/barrel.
The decline in Urals oil prices is believed to be the result of reduced domestic demand due to Ukrainian UAV attacks on many Russian refineries.
In addition to price factors, Russia's transportation to India has also become easier as ships not subject to sanctions from the West have increased. This allows Indian companies to access Russian oil without legal barriers from the US and Europe.
Despite increased sanctions from the West against Russian energy companies such as Gazprom Neft and Surgutneftegas, as well as 183 tankers, India has maintained a neutral stance.
New Delhi has announced that it will continue to import Russian oil as long as it is priced below $60/barrel, transported by ship without sanctions and not subject to companies or individuals on the sanctions list.
Speaking in New Delhi in February, Russian First Deputy Energy Minister Pavel Sorokin affirmed that Moscow will maintain oil supplies to international markets, including India.
"We are practical and practical. We value the relationships and will continue to provide to the market. Our resources are economically competitive," Sorokin said.
