India’s Russian Oil Imports Slide to Multi-Year Low in December

India’s imports of Russian crude oil declined sharply in December, with Russia’s share of India’s total oil purchases falling below 25% from 34% in November, according to data from India’s Ministry of Commerce and Industry cited by The Hindu. The value of Russian crude shipments to India dropped to $2.71 billion from $3.72 billion in November and was less than half the May 2024 peak of $5.87 billion. In volume terms, December imports slipped to 5.8 million tons, or roughly 1.39 million barrels per day, the lowest in over three years, signaling a potential recalibration of India’s sourcing strategy that could influence benchmark prices for both Oil – Brent Crude and Oil – US Crude amid ongoing shifts in Russian export flows and sanctions dynamics.

Over the past month, both major crude benchmarks have advanced meaningfully, with Oil – US Crude posting a gain of about 13.12% and Oil – Brent Crude rising roughly 13.15%, reflecting tighter supply expectations and geopolitical risk premia that may be reinforced if Russian barrels are diverted or discounted further in Asian markets. From a technical perspective, the short-term setup currently points to a bullish bias, as the 1-day technical analysis for Oil – US Crude is rated Strong Buy, while Oil – Brent Crude also carries a Strong Buy signal, suggesting near-term momentum remains supportive despite the evolving trade patterns. Investors can explore more updates, prices, and analysis across global markets at Commodities.