Reliance Scales Back Russian Oil Imports as India Reduces Dependence

Reliance Industries Ltd, India’s biggest private refiner, has notably stayed away from Russian crude oil imports in January 2026. This marks a significant shift from 2025, when Reliance was importing nearly 600,000 barrels per day, making it the world’s largest buyer of seaborne Russian oil. The move aligns with India’s broader strategy to diversify energy sources and reduce dependence on Russian supplies amid global sanctions and market volatility.

Key Highlights

• Reliance’s Position: No Russian crude purchases in January 2026, compared to heavy imports last year.
• State-Owned Refiners: Indian Oil Corporation (IOC) raised imports to a record 470,000 barrels per day, while Bharat Petroleum Corporation Ltd (BPCL) increased intake to 164,000 barrels per day.
• Market Context: Discounts on Russian crude reached nearly $7 per barrel, attracting public sector refiners despite Reliance’s absence.
• National Impact: India’s overall Russian oil imports dipped slightly to 1.1 million barrels per day in January from 1.2 million in December 2025.
• Strategic Outlook: India is recalibrating its energy mix, balancing discounted imports with geopolitical considerations and long-term diversification goals.

Reliance’s decision underscores a pivotal moment in India’s energy strategy, highlighting the interplay between corporate choices, national policy, and global market dynamics.

Sources: Reuters, Financial Express, Times Now, PTI.