India's imports of Russian oil reached a nine-month peak in April, rebounding as shipments resumed from tankers operated by Sovcomflot, Russia's largest shipping company, according to shipping and trade sources.

The Organization of the Petroleum Exporting Countries' (OPEC) share in India's crude oil imports also declined, falling to 46% in April from 53% in March. Meanwhile, imports from the Commonwealth of Independent States (CIS), including Kazakhstan, Azerbaijan, and Russia, increased to 41% in April from 37% in March.

Overall, the resumption of Russian oil imports through non-sanctioned tankers has bolstered India's oil supplies, although the country's dependence on Middle Eastern oil has decreased, reflecting broader shifts in global oil trade dynamics.

Earlier this year, Indian refiners had briefly halted imports of Russian oil on tankers owned by Sovcomflot, following Washington's decision to sanction the company in February for violating Western sanctions. These sanctions were imposed on Russia due to its invasion of Ukraine in 2022, with the aim of reducing Moscow's oil revenue that finances the war.

Despite the rise in Russian oil imports, Indian refiners' purchases of oil from Iraq and Saudi Arabia decreased in April. This led to a reduction in the share of Middle Eastern oil in India's crude oil imports to 41% from 46% in March.

The Organization of the Petroleum Exporting Countries' (OPEC) share in India's crude oil imports also declined, falling to 46% in April from 53% in March. Meanwhile, imports from the Commonwealth of Independent States (CIS), including Kazakhstan, Azerbaijan, and Russia, increased to 41% in April from 37% in March.

Overall, the resumption of Russian oil imports through non-sanctioned tankers has bolstered India's oil supplies, although the country's dependence on Middle Eastern oil has decreased, reflecting broader shifts in global oil trade dynamics.

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