Indian refineries are looking at Africa and Latin America as alternatives to Russia.

Increase in oil supplies to India from Latin America and Africa

In February, oil imports to India from Latin America and Africa increased due to strengthened sanctions against Russia and the need for refiners to find alternative sources of oil, sources report.

In February, Russian oil imports to India decreased by 3% compared to January, amounting to 1.54 million barrels per day. Russia's share in India's total oil purchases sharply declined.

Meanwhile, oil deliveries from African countries rose to 330,000 barrels per day in February, compared to 143,000 barrels per day in January, while shipments from South America increased by 60% to 453,600 barrels per day.

Russia's share of the total oil imports to India decreased to 30.5% in February, while Latin America's share grew to 9%, the highest level since December 2021

Last month, India received oil from Gabon and purchased Argentine oil for the first Time. Indian refiners also increased their purchases of Russian oil ahead of the deadline set by U.S. sanctions.

In February, six vessels carrying Russian oil arrived at Indian ports, which were unloaded in March.

Due to the decrease in Russian oil purchases in February, the share of supplies to India from OPEC countries and West African states increased.