India continues rebalancing its crude oil imports, with Middle Eastern suppliers like Saudi Arabia and Iraq gaining share as Russian volumes stabilize at lower levels amid US sanctions and trade dynamics.
Saudi shipments reach 1-1.1 million bpd in February 2026—the highest since 2019—positioning it as India’s top supplier ahead of Russia and Iraq, driven by reliable logistics and refinery compatibility. OPEC’s overall stake rises to 50-53%, filling gaps from moderated Russian flows now at 1.0-1.2 million bpd.
Post-2022 peaks above 2 million bpd, Russian imports ease due to sanctions risks, shipping hurdles, and Vadinar refinery optimisations, yet remain significant under pragmatic US-India understandings, avoiding abrupt cuts.
Increased VLCC/Aframax calls at Mundra, Vadinar, and Kochi bolster west coast throughputs, enhancing energy security while complementing recent Russian insurer extensions and Saudi trade momentum.
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