Requiem for Russian oil
India will find it difficult to continue buying cheaper Russian oil after US sanctions on Moscow’s two biggest oil producers, Rosneft and Lukoil, kicked in this month. Such supplies met 36% of its requirements of five million barrels a day since 2023 and eased pressure on its external accounts.
Immediate Impact
Fresh loadings headed to India from Russia have fallen sharply by 47% to 982,000 barrels per day this month from 1.86 million barrels in October, indicating that such flows are set to significantly decline especially from December-January 2026.
