India's oil imports from Russia have rebounded to 1.8 million barrels per day, with the country set to reach 2-2.2 million bpd in March, according to a ship tracking firm.
The turnaround comes after the US waived sanctions on Russian supplies, following a blockade of the Strait of Hormuz by Iran in retaliation for a new war launched by Donald Trump and Israel's Benjamin Netanyahu.
Indian refiners had reduced Russian oil intake from November-December due to heightened US sanctions, but the US granted a 30-day waiver to buy Russian oil already at sea, which was later extended to all countries.
India's preference for Russian oil was a recent phenomenon, with Russian oil accounting for about 2.5% of India's imports before the Russia-Ukraine conflict began in 2022.
However, with the new war in Iran upsetting the global crude market, India has turned to Russia again, with the country's Russian oil imports now making up a significant portion of its overall oil imports.
