U.S. Sanctions Curb India’s Russian Crude Purchases to Multi-Year Low

Indian refiners have sharply reduced purchases of Russian crude this month, with imports projected at around 1.1–1.3 million barrels per day in December, down from roughly 1.84 million bpd in November and at their lowest level in more than three years. The decline follows stepped-up U.S. sanctions on Russian oil, prompting Indian buyers to sidestep potentially sanctioned cargoes and diversify supply sources. The shift underscores ongoing geopolitical risk in the crude market and could influence pricing dynamics for both U.S. Oil – US Crude and international benchmark Oil – Brent Crude as trade flows adjust and buyers seek alternative barrels.

Over the past month, benchmark prices have moved higher, with Oil – US Crude up about 6.25% and Oil – Brent Crude gaining roughly 6.88%, reflecting tighter supply expectations and geopolitical uncertainty around Russian exports. Technical indicators currently show a short-term bullish tilt, with the 1-day signal for Oil – US Crude at Buy and for Oil – Brent Crude also at Buy, suggesting near-term momentum remains positive even as traders assess the durability of these supply disruptions and the impact on global balances. Investors can explore more updates, prices, and analysis across global markets at Commodities.