Key facts
- Russia's crude oil exports to India increased by 62.4% year-over-year in July.
- Russia's share of India's total oil import volumes reached a record 50.83% in July.
- Russia remains India's largest oil supplier.
- July's Russian oil export volumes to India dipped from June's peak.
- India is finalizing feasibility studies for two new strategic petroleum reserves.
- The new reserves are planned for Rajasthan and Madhya Pradesh.
- These sites will add to existing and proposed storage capacity.
- The move aims to bolster India's energy security amid concerns over disrupted crude flows.
Russia has captured a record share of India's oil market, with its crude oil exports to the nation surging 62.4% year-over-year in July. This brought Russia's contribution to India's total import volumes to a record 50.83%. Despite the recent expiration of a U.S. sanction waiver, Russia continues to be India's largest oil supplier. However, the volumes exported in July saw a slight decrease from the peak recorded in June.