Download the ETEnergyworld App and get the Realtime updates and Save your favourite articles. Near-term volatility is expected to remain driven by sanctions risk, shipping constraints and logistics rather than pure pricing dynamics.As Russian volumes ease, the Middle East Gulf is filling the gap. Wave of EU and US sanctions have since tapered imports from Russia.At the core of Russian oil imports is Vadinar refinery in Gujarat. "As India reduces Russian barrels, the overall crude cost is expected to go up $ 2-3 per barrel; however, cheaper Venezuelan crude buying could partially offset this. "However, Venezuelan crude import will only be at a marginal or supplementary level and cannot replace Russian barrels.

Source: Economic Times February 22, 2026 09:02 UTC