India's Oil Imports Surge: Russian Crude Dominates at Record 50 Percent

Russian crude oil reached a record share of India's total imports in July, exceeding 50%. According to Reuters data, Russian oil accounted for 50.83% of India's import volume during this period, totaling 2.47 million barrels per day. This figure represents a 62.4% increase compared to July of the previous year. While there was a slight decline of 4.8% from the June peak of 2.6 million barrels per day, the data underscores India's role as a primary destination for Russian energy exports and its continued acquisition of oil despite G7 price cap restrictions. Shift in Supplier Dynamics Russian grades, specifically Urals and Sokol, are displacing traditional suppliers from the Persian Gulf. Imports from Saudi Arabia have fallen to multi-year lows because Russian crude remains cheaper for Indian refineries even after accounting for logistics costs.