India sharply cuts Russian oil imports in November

India reduced its imports of Russian oil by 66% year-on-year in November, bringing volumes down to 672,000 barrels per day, The Economic Times reported, citing Kpler data. In October, imports stood at 1.88 million barrels per day.

Analysts say the decline reflects greater caution among Indian buyers following U.S. sanctions against Lukoil. Russia’s total crude exports across all routes also fell by nearly one-third from October levels, to 2.78 million barrels a day.

Shipments from Russia to India take about a month, meaning most cargoes loaded in November will arrive after November 21, when U.S. sanctions take effect. ET notes that Indian refiners are reducing orders as a “logistical tactic” to stay within compliance timeframes.