India's imports of Russian oil rebounded in November, reaching 1.73 million barrels per day (bpd) according to data from ship-tracking firms Kpler and Vortexa. The increase is attributed to several Indian refineries resuming operations after planned maintenance and rising fuel consumption during the Diwali festive season. The 9% and 5% rise in monthly intake reported by Kpler and Vortexa, respectively, marks a recovery from October imports, which stood at 1.58 million bpd (Kpler data) and 1.6 million bpd (Vortexa estimates). The increase follows India's shift toward Russian oil due to discounts amid reduced Western purchases following Russia's invasion of Ukraine. India's refiners find Urals crude delivered at approximately -$4 to -$5 per barrel to Dubai, maintaining a competitive edge over Middle East term deals. December imports are expected to range from 1.7 to 1.8 million bpd or higher, driven by increased diesel consumption during the seasonal peak in India. However, the possibility of cargoes getting caught up in U.S. sanctions may limit refiners' appetite. The United States recently sanctioned three oil tankers, including the NS Century, which has yet to discharge its cargo destined for Indian Oil Corp (IOC), the country's top refiner. The sanctions on vessels shipping Sokol crude from Russia's Far East to IOC may impact oil imports in the coming months.

