India's intake of Russian oil picked up in February compared to January, bouncing back from declines observed in the previous two months, according to data from industry sources released on Wednesday. Refineries in India received some shipments of Russian light sweet Sokol grade oil.

India, ranked as the world's third-largest oil importer and consumer, has been increasing its purchases of Russian oil since Western sanctions were imposed on Moscow following its invasion of Ukraine in February 2022. In 2023, India emerged as the leading buyer of Russian oil after certain entities and nations scaled back their purchases in December 2022.

Last month, Indian refineries imported 1.51 million barrels per day (bpd) of Russian oil, marking a rise of approximately 2.8% from January, the data indicated. However, this figure was about 12.2% lower than the amount imported in the same month of the previous year.

Russian oil accounted for roughly 32% of India's total oil imports in February, compared to 28% in the previous month, the data revealed. Recent months had seen a downturn in India's imports of Russian oil due to payment difficulties and stricter U.S. sanctions targeting entities and vessels involved in selling Russian crude above the price limit of $60 a barrel set by G7 nations.

Overall imports into India last month declined by 10% from January to 4.72 million bpd, the data showed. This decline was sharper than the preliminary government figures, as it encompassed some shipments that arrived in February but were unloaded in March.

The proportion of South American nations in India's overall oil imports in February increased due to a higher intake of Venezuelan oil by Indian refineries. Venezuela became the fourth-largest supplier to India in February.

During the same month, Indian refineries reduced imports from Iraq by 32% from January to 861,200 bpd, while increasing purchases from Saudi Arabia by 13.8% to 801,700 bpd, the data revealed. Consequently, OPEC's share in India's monthly imports rose to about 56% in February from 54% in January. However, over the first 11 months of the financial year ending in March 2024, the share of the producers' group fell to 49.8%, according to the data.

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