Russian Oil Imports Reach Record High

India’s crude oil imports from Russia reached a record high in July, with shipments rising to around 2.8 million barrels per day (mbd). Despite improved conditions in the Strait of Hormuz and increased supplies from West Asian nations, Russian crude imports remained at their highest level since the Russia-Ukraine war began in 2022. According to ship-tracking firm Kpler, India imported more than 5 million barrels per day of crude oil from global markets in July.

Russian crude accounted for nearly 55.5% of India’s total oil imports, increasing from 2.7 million barrels per day in June to 2.8 million barrels per day in July. Along with Russia, India also increased purchases from West Asian suppliers, with Saudi Arabia becoming a major supplier. Imports from Saudi Arabia rose from 2.9 lakh barrels per day in June to 4.2 lakh barrels per day in July, while supplies from Iraq and Kuwait also resumed. The UAE remained the second-largest supplier despite a slight decline in imports.