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India's Russian Crude Imports Reach Record High in July

Created at 3 Aug · 10:51 AM1 source↑ Market-relevant
IN SHORT

India's imports of Russian crude oil surged to a new all-time high of 2.8 million barrels per day in July, constituting over 55% of the nation's total crude oil imports. This sustained reliance on Russian volumes is driven by ongoing shipping uncertainties in key global waterways.

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Key Numbers

2.8 million bpdIndia's Russian crude oil imports in July
2.7 million bpdIndia's Russian crude oil imports in June
55.5%Share of Russian oil in India's total crude imports in July
5 million bpdTotal Indian crude oil imports in July

Who's Involved

Kpler
Data provider cited for vessel-tracking data
Times of India
Publication reporting on Kpler data
United Arab Emirates
India's second-largest crude oil supplier
India's Russian Crude Imports Reach Record High in July

↳ Why This Matters

India's record reliance on Russian crude highlights the global energy market's continued adaptation to geopolitical shifts and sanctions, influencing global oil flows and potentially impacting prices and supply chain stability.

Key facts

  • India's crude oil imports from Russia hit a record 2.8 million barrels per day in July.
  • Russian oil constituted 55.5% of India's total crude imports for the month.
  • Total Indian crude oil imports were just over 5 million barrels per day in July.
  • Imports from Saudi Arabia and Iraq also increased.
  • The UAE was India's second-largest crude supplier behind Russia.

    • India's imports of Russian crude oil reached an all-time monthly high in July, with volumes averaging 2.8 million barrels per day, according to data from Kpler cited by the Times of India. This record intake means Russian oil accounted for over half of India's total crude imports for the month, which stood at just over 5 million barrels per day.

    Indian refiners continued to prioritize Russian crude amid ongoing concerns over shipping security in critical waterways like the Strait of Hormuz and the Bab el-Mandeb Strait. Alongside the record Russian volumes, India also boosted its crude oil imports from Saudi Arabia and Iraq, as significant quantities moved through the Persian Gulf during a period when the Strait of Hormuz was more accessible.

    Additionally, India imported crude from Kuwait for the first time since March. The United Arab Emirates maintained its position as India's second-largest supplier. These high levels of Russian imports persisted even after a U.S. waiver allowing the purchase of Russian oil loaded on tankers expired on June 17.

    Analysts anticipate that Russian crude will remain a crucial source of supply for India due to the persistent uncertainty surrounding maritime transit routes.

    Frequently asked questions

    India imported a record 2.8 million barrels per day of Russian crude oil in July.

    Russian oil accounted for 55.5% of India's total crude oil imports in July.

    India also increased imports from Saudi Arabia and Iraq, with the UAE remaining its second-largest supplier. Kuwait was also a supplier for the first time since March.

    What Happens Next

    01Analysts expect Russian crude to remain a key source of oil supply for India.
    02Shipping conditions in the Strait of Hormuz and Bab el-Mandeb Strait remain uncertain.

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      31 Jul · 9:03 PM
    • OPEC+ decision and Nonfarm Payrolls in focus for next week.
      31 Jul · 9:03 PM

    How It Developed

    India's crude oil imports from Russia reached a record 2.8 million barrels per day in July.
    This volume surpassed the previous record of 2.7 million bpd set in June.
    Russian oil accounted for 55.5% of India's total crude imports in July.
    Indian refiners also increased imports from Saudi Arabia and Iraq.
    India imported crude from Kuwait for the first time since March.
    The UAE remained India's second-largest crude oil supplier.
    India maintained high Russian import levels after a U.S. waiver expired on June 17.

    Sources

    T1
    India’s Imports of Russian Crude Hit New High in JulyOilPrice.com

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