Russia’s Crude Flows to India Reshape Oil Trade as Benchmarks Weaken

India has purchased an estimated $168 billion worth of Russian crude since the outbreak of the Ukraine conflict in February 2022, according to data from the Centre for Research on Energy and Clean Air, reinforcing its role as the second-largest buyer of Russia’s seaborne oil after China. The sustained flows of discounted Russian barrels have reshaped global crude trade patterns and helped underpin revenue streams for Moscow, even as Western sanctions sought to curb them. These shifts remain a key factor for benchmark prices such as Oil – Brent Crude and Oil – US Crude, which are increasingly sensitive to changes in Russian export dynamics and Asian demand trends.

Over the past month, both major benchmarks have traded softer, with Oil – US Crude down about 4.15% and Oil – Brent Crude lower by roughly 3.83%, reflecting concerns about global demand growth and ample supply, including from Russia’s redirected exports to Asia. Technically, short-term momentum remains weak: the 1-day signal for US crude is a Strong Sell, while Brent also posts a Strong Sell indication, suggesting downside pressure persists despite structural shifts in crude trade flows. Investors can explore more updates, prices, and analysis across global markets at Commodities.