India has become the world’s largest importer of Russian oil, overtaking China with a record 2.07 million barrels per day (bpd) in July. This marks a 4.2% increase from June and a 12% rise year-on-year, according to a Reuters report. Russian oil now accounts for 44% of India’s total oil imports, a historic high.
China’s reduced imports from Russia, down to 1.76 million bpd in July due to lower refining margins, helped India secure the top spot. Indian refiners have capitalized on discounted Russian crude, especially the ESPO Blend, which saw a significant increase in imports.
Meanwhile, India’s imports from traditional suppliers like Iraq and Saudi Arabia have decreased to their lowest levels in recent months.
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Despite narrowing discounts and higher costs associated with logistics and geopolitical risks, Indian refiners continue to buy Russian oil at favorable prices, helping to stabilize global prices and manage inflation.
As of July, Iraq remains India’s second-largest supplier, followed by Saudi Arabia and the UAE, highlighting a shift in India’s energy sourcing.
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