Russia’s Vital Oil Trade With India Is Down
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India reduces Russian oil imports by 38% in October 2025, marking the sharpest decline in value and volume yet.
India's largest conglomerate Reliance Industries, owned by billionaire Mukesh Ambani, has stopped importing Russian crude oil for its export-only refining unit at Jamnagar in the western state of Gujarat.
India’s crude oil imports from Russia during November 2025 have averaged at roughly 1.9 million barrels per day (mb/d)—a record high for the month—as refiners topped up on supplies before the US sanctions came into effect.
Higher palm oil imports by India, the world's largest buyer of vegetable oils, could help top producers Indonesia and Malaysia reduce their stocks and support benchmark Malaysian palm oil futures, while putting pressure on US soyoil futures.