Black Sea Crisis ongoing conflict and geopolitical tensions in the Black Sea region have had a significant impact on India’s crude oil imports. Black Sea Crisis particular, the Russia-Ukraine conflict and its resulting ties have disrupted global oil supply chains, creating challenges for important countries like India.
Russian Oil Releases:
- Despite the Western petroleum products established in Russia, India had increased its imports of Russian crude oil. In September 2024, the share of Russian oil in India rose to 11.7% at around 1.9 million barrels per day, accounting for about 40% of the total crude oil share of that month.
- However, oil supplies from Russia were disrupted due to US refineries in January 2025, making Indian refineries buyers of oil from the market. By March 2025, the supply of Russian oil improved, leading Indian refineries to plan to buy stocks.
Future Disadvantages:
- If the conflict in the Black Sea region reduces and sanctions on Russia are relaxed, there could be significant changes in the Russian energy trade. This could provide stability in the oil supply chain to India and reduce pricing.
Geopolitical events and landslides in the Black Sea Crisis region have a direct impact on India’s crude oil prospects. India needs to keep an eye on various disasters and the global market to ensure its energy security.
