Russia remained the largest supplier of crude oil to India in October with import volumes tracking at 1.62 million barrels per day, up from 1.61 mbd in September, as per data provided by Kpler. On an annual basis, however, imports of Russian oil declined 8% from 1.75 mbd in Oct 2024.

Iraq and Saudi Arabia emerged as the other top suppliers of crude oil to India with Iraq supplying 826,000 bpd of oil while imports from Saudi Arabia stood at 669,000 bpd in October.

However, the key takeaway is a sharp increase in crude imports from the US, which rose to their highest level since March 2021. Imports from the US reached 568,000 bpd in October and are expected to average 450,000–500,000 bpd in November, compared with a year-to-date average of around 300,000 bpd, according to Kpler.

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