India’s Oil Imports Set for Record High in January

January 28, 2026

India is on track to import record-high volumes of crude oil and condensate in January as refiners boost non-Russian purchases to replace barrels lost to U.S. sanctions, energy flow tracking firm Vortexa said in a report on Wednesday

India’s crude and condensate imports will likely hit 5.2 million barrels per day (bpd) this month—a new record, as deliveries of cargoes laden with non-Russian oil surged. The jump in non-Russian crude imports is set to more than offset the decline in India’s imports of Russian crude, according to Vortexa.

India, the world’s third-largest crude oil importer, dramatically raised its imports of cheap Russian crude following Moscow’s invasion of Ukraine in early 2022.

For nearly four years, India imported so much Russian crude that Russia became its single biggest supplier accounting for about a third of all imported crude.

However, Indian refiners have recently scaled down purchases of Russian crude following the U.S. sanctions on Russia’s oil giants Rosneft and Lukoil. India is also reportedly working to seal a trade deal with the United States and looking to convince the Trump Administration that it had reduced intake of Russian crude.

U.S. President Donald Trump has singled out India as a target to punish for buying large volumes of Russian crude oil and supporting the Kremlin’s energy revenues. President Trump doubled the 25% tariff on India to 50% as of August 2025, to punish it for continued purchase of Russian oil.

Initially, India appeared unfazed by the tariff, but refiners have slashed Russian crude purchases since the U.S. sanctioned Rosneft and Lukoil at the end of October.

Indian refiners have halted imports from the now-sanctioned entities and turned to non-sanctioned Russian supply and alternative cargoes from the Middle East, the Americas, and, to a lesser extent, West Africa, arbitrage permitting.

“Discharges of Russian crude are set to fall further in January, extending a post?November unwind and signaling a strategic pivot among major refiners,” Ivan Mathews, Head of APAC Analysis at Vortexa.

A potential U.S.-India trade deal will have a major impact on India’s crude procurement strategy as it is likely to require a reduction or complete halt in Russia-origin oil imports, according to Vortexa.

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