Reliance skips Russian oil as PSUs ramp up imports
What's the story
Reliance Industries, India's largest importer of Russian crude oil, has not bought any barrels from Russia in January. This is a notable change from 2025 when it was the world's biggest buyer of seaborne Russian oil at around 600,000 barrels per day. The shift comes as state-run refiners have increased their imports due to discounts reaching nearly $7 per barrel, almost three times the mid-2025 levels.
Import surge
State-owned firms increase Russian crude imports
Despite Reliance's absence, state-owned Indian Oil Corporation (IOC) has increased its Russian crude imports to an average of 470,000 barrels per day (bpd) in January. This is the highest ever for the company and a significant jump from December 2025's 427,000 bpd. Bharat Petroleum Corporation Ltd (BPCL), another public sector firm, also increased its intake from December's 143,000 bpd to 164,000 bpd this month.
Ongoing imports
Nayara Energy continues imports
Rosneft-backed Nayara Energy has continued to source crude from Russia despite being cut off from other suppliers due to EU sanctions. The firm bought some 469,000 bpd this month. This comes as Indian imports of Russian oil dipped slightly to 1.1 million bpd in the first three weeks of January from December's 1.2 million bpd. It is still lower than November's 1.84 million bpd due to US sanctions on Rosneft and Lukoil that came into effect on November 21.
Official statement
Reliance confirms no Russian cargo in January
A Reliance spokesperson confirmed earlier this month that the company did not receive a single Russian cargo in January. The statement also revealed that its purchases in December were half those in November.