Trump's ban also ineffective! When Ambani's Reliance came out, these companies increased oil purchases from Russia, how much profit are they getting?
New Delhi Irrespective of the US ban, India has started extracting profits from Russian crude oil. While many companies have retreated, government refiners are taking advantage of cheap oil (Russian Crude Oil Import) by aggressively increasing purchases. Result- Total imports from Russia decreased, but purchases by selected Indian companies increased.
According to recently revealed data, Indian Oil Corporation (IOC) and Nayara Energy have shown a big jump in purchasing crude oil from Russia this month. Naira Energy is associated with Russian company Rosneft. However, due to US sanctions, India's total oil imports from Russia have decreased. Reliance Industries, which was the biggest buyer last year, did not buy a single barrel from Russia this time.
India bought 11.8 lakh barrels of oil every day
According to data analytics company Kpler, India bought an average of 11.8 lakh barrels of oil per day from Russia in the first fortnight of this month. This is about 30% less than the average for the same period last year and 2025. Even compared to December, imports have declined by about 3%.
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Which companies increased their purchases?
After the American ban, the list of buyers of Russian oil has shrunk. So far this month, only Indian Oil, Nayara Energy and Bharat Petroleum Corporation Limited (BPCL) have become buyers.
Indian Oil: Purchase of about 5 lakh barrels per day, 43% of the total oil coming to India from Russia. This is the highest since May 2024 and 64% more than the average for 2025. Naira Energy: About 4.71 lakh barrels per day, 40% of total imports. This is the largest purchase in at least two years and 56% more than the average through 2025. BPCL: About 2 lakh barrels per day, while last year's average was 1.85 lakh barrels.
Which companies have distanced themselves?
Reliance Industries along with Hindustan Petroleum Corporation (HPCL), HPCL-Mittal Energy and Mangalore Refinery & Petrochemicals did not buy any oil from Russia in the first fortnight of this month.
Exemption increased, India benefits
Due to declining interest from Indian and Chinese buyers, Russian suppliers have increased discounts. According to industry sources, discounts on Russia's premium Urals crude for delivery to Indian ports have widened to $5-6 a barrel - compared to around $2 before the US sanctions in October. To take advantage of this increased discount, Indian Oil has increased purchases in January.
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