NEW DELHI – India’s imports of Russian crude oil fell sharply in July, dropping 24.5% from the previous month, as smaller discounts and weaker seasonal demand prompted refiners to scale back purchases.
According to trade sources and industry data, India, the world’s third-largest oil importer brought in about 1.5 million barrels per day of Russian crude last month, compared to June’s higher levels. The decline also reflects state refiners pausing purchases of Urals crude amid narrowing discounts and heightened geopolitical pressure, including warnings from U.S. President Donald Trump against buying Russian oil.
Private refiners such as Reliance Industries, Nayara Energy, and HPCL-Mittal Energy accounted for roughly 60% of India’s Russian oil imports in July, with state-run refiners taking the rest. Despite the dip, Russia remained India’s top supplier, followed by Iraq and Saudi Arabia.
India’s total crude imports in July stood at 4.44 million barrels per day, the lowest since September 2023. At the same time, OPEC’s share of India’s imports rose to a five-month high, as refiners shifted toward Middle Eastern and U.S. supplies.
Notably, India skipped crude imports from Latin America in July – a first since at least 2011, when Reuters began tracking the monthly data.
From January to July, India’s Russian crude imports averaged 1.73 million barrels per day, down 3.6% year-on-year, while U.S. crude exports to India surged by 58%.
