India Emerges as Main Destination for Russian Seaborne Urals Oil Exports in 2025

Strategic Insights -

India has become the primary destination for Russian seaborne exports of Urals oil grade in 2025, with a staggering 80% of shipments heading to the country. The bulk of these exports are going to private refineries, particularly Reliance Industries Ltd. and Nayara Energy Ltd., which have significantly increased their procurement of discounted Urals crude. The two Indian companies together acquired 45% of Russia's exports of medium-sour grade Urals through June 24, with Reliance Industries emerging as the largest global purchaser of Urals, securing 77 million barrels this year.

Key Takeaways:

  • India has emerged as the main destination for Russian seaborne exports of Urals oil grade in 2025, accounting for 80% of shipments.
  • Reliance Industries Ltd. and Nayara Energy Ltd. collectively acquired 45% of Russia's exports of medium-sour grade Urals through June 24.
  • Reliance Industries, owned by billionaire Mukesh Ambani, has secured a decade-long contract with Russia to purchase up to 500,000 barrels of oil daily, with Urals crude now constituting 36% of its total crude acquisitions.
  • Nayara Energy's Urals procurement has increased substantially, representing 72% of its oil procurement, up from 27% three years ago.
  • India's government-owned refineries, including Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp Ltd., have not established long-term agreements with Russia, and face restrictions on the currencies they can use for crude oil purchases.
  • The primary government-owned refineries in India are adopting a broader procurement approach, sourcing crude from African nations including Gabon and the Republic of the Congo.

Statistics:

  • India accounted for 80% of Russian seaborne exports of Urals oil grade in 2025.
  • Reliance Industries secured 77 million barrels of Urals through June 24.
  • Nayara Energy acquired 45% of Russia's exports of medium-sour grade Urals through June 24.
  • Urals crude constitutes 36% of Reliance's total crude acquisitions as of 2025.
  • Nayara Energy's Urals procurement has increased from 27% to 72% of its oil procurement over the past three years.
  • The discount for Urals crude has shrunk to under $2 per barrel from $4 in the second quarter of the previous year.

Sources:

  • Bloomberg report, citing Kpler data.
  • Kpler analysis, quoted in Bloomberg report.