India’s oil market splits as state refiners cut Russian crude & private players ramp up buys

India’s oil market is split, with state-run refiners retreating from Russian crude amid US pressure and narrowing discounts while private refiners are stepping up sourcing.

State-run refiners cut Russian crude purchases in September, signalling caution. Their imports averaged 605,000 barrels per day (bpd) — 32% below their April-August average, 22% lower than in August, and 45% below June levels, according to Kpler, a global real-time data and analytics provider. Private refiners lifted 979,000 bpd of Russian oil, 4% above their April-August average, 8% higher than in August, and nearly unchanged from June.