Global seaborne crude imports continue to grow thus far in 2026, with demand coming from non-OECD buyers, mainly India and China
Russian crude oil imports to India have increased, albeit slightly, in the current month (till February 24), as Reliance Industries (RIL) resumed supplies from Moscow, a report by energy intelligence firm Vortexa said.
Citing data, Vortexa said that five Aframax/ Long Range2 (LR2) and one Suezmax vessels discharged Russian crude oil into RIL terminals in February 2026 month-to-date.
The firm also anticipated that Indian imports of Russian crude may have already hit a “low point” in January 2026 at close to 1 million barrels per day (mb/d).
Vortexa data on India’s crude oil imports by destination terminal show that overall Russian shipments have been rising in February after the decline last month. Similarly, shipments to RIL terminal have also been growing after the country’s largest private sector refiner stopped procuring barrels from Moscow in January.
However, HPCL Mittal Energy (HMEL) is yet to receive cargoes from Russia. Besides, arrivals at Nayara Energy’s Vadinar refinery and State-run refiners’ terminal have declined in February on a monthly basis.
Asian buying
The report pointed out that global seaborne crude imports continue to grow thus far in 2026, with demand coming from non-OECD buyers, mainly India and China.
“Asian buying reflects supply security concerns and reshuffling of some flows away from sanctioned barrels. China is soaking up sanctioned barrels at unprecedented pace,” it added.
Atlantic Basin crude stays intra-basin, as high freight rates for very large crude carriers (VLCCs) forces key buyers in the Pacific Basin to look for short-haul barrels instead, which are on strong offer from Middle East Gulf (MEG). Long-haul flows such as USGC (US Gulf Coast) to Asia, West Africa to Asia and South America East Coast to Asia all posted declines, Vortexa said.
India crude import reshuffling is not supporting freight rates, as replacement supplies come primarily from short-haul flows from MEG.
Current indications—including continued discharges of sanctioned crude in China and India, and declining flows from the Atlantic Basin to the East—suggests a potential easing of VLCC freight rates in the coming weeks to a level that is more aligned with fundamentals, it added.
Overall, global seaborne crude exports exceeded seasonal highs in the first two months of 2026, supported by robust OPEC+ exports, while non-OPEC+ exports rose moderately.
Saudi Arabia is leading the export growth amongst OPEC+ members, as the country has revised its official selling prices for Asian customers to a five-year low, Vortexa said.
US-Iran tension
The US-Iran tensions in the MEG added a risk premium to oil prices, as oil flows via the Straits of Hormuz represent one third of global seaborne crude/condensate flows. Countries such as Saudi Arabia, the UAE and Iran have been pushing out more oil from the MEG over the last four weeks, probably out of war concerns, it added.
The firm pointed out that while sanctioned crude oil exports rose by around 1 mb/d year on year with Indian imports of Russian crude declining by about 440,000 b/d on an annual basis.
India-US trade talks
In a separate commentary on Tuesday, Anna Zhminko, Associate Market Analyst at Vortexa, said “The share of Russian oil in India’s total crude imports has been on a downward revision since last December, falling to 20 per cent this February (around 1.1 mb/d, days 1-24), compared to 36 per cent in November 2025.”
Amid India-US trade negotiations, only the EU-sanctioned Nayara refinery continues a robust import programme of Russian crude, she added.
Zhminko pointed out that it was not yet clear whether India will continue to scale back on imports of Russian crude oil further or reverse the trajectory due to a recent US Supreme Court decision to reset tariffs.
However, displaced volumes would most likely be diverted to China’s private refining sector. In turn, predominant reliance on China’s private refiners subjects Russian crude to steeper discounts and prolonged clearance, pressuring vessel availability, she explained.
Published on February 26, 2026