Reliance leads Indian refiners in Russian oil purchases
India has snapped up 80% of all Russia's seaborne Urals crude oil exports so far in 2025, totaling a massive 231 million barrels.
Private companies Reliance Industries and Nayara Energy are leading the charge, together buying nearly half of these imports.
Reliance, Nayara more dependent on Russian oil
Reliance alone bought 77 million barrels, making it the world's top buyer of this Russian oil.
For Reliance, Urals crude now makes up over a third of its total oil purchases—way up from just 10% in 2022.
Nayara is even more reliant on Russian supplies, sourcing almost three-quarters of its crude from there (up from only about a quarter three years ago).
Reliance locked in big long-term deal; state-run firms avoid contracts
Reliance locked in a big 10-year deal this January to import up to half a million barrels every day.
Meanwhile, state-run refiners have avoided long-term Russian contracts due to currency hassles, leaving private players to grab bigger shares.
Even with more Middle Eastern oil available lately, Russia is still India's top supplier.
Russia accounted for nearly 2-fifths of India's crude imports
By May 2025, Russia made up nearly two-fifths (38%) of all India's crude imports.
Cheaper prices and global sourcing help India keep fuel costs down and avoid supply shocks—a big deal when markets get unpredictable.