India Buys 80% of Russian Urals Oil in 2025

In 2025, India has purchased 80% of Russia's seaborne exports of Urals crude oil, solidifying its role as a major buyer in global energy markets. Reliance Industries and Nayara Energy, India's two private refineries, account for about 45% of these imports, with Reliance alone buying 77 million barrels and becoming the world's largest buyer of Urals crude. Reliance's Urals crude intake has risen to 36% of its total oil purchases, up from 10% in 2022, while Nayara's share of Russian crude has surged to 72%, highlighting their growing dependence on Russian supplies. This buying trend is driven by long-term agreements, including a 10-year deal Reliance signed with Rosneft for up to 500,000 barrels per day, and favorable pricing amid geopolitical tensions and volatile Middle Eastern oil supplies. Meanwhile, India's state-owned refiners have avoided long-term Russian contracts due to currency constraints, resulting in a narrower price discount for them and reduced market access as private refiners dominate. The shift in India's crude sourcing strategy underscores its increasing reliance on Russian oil and reshapes competition in the global oil market.