Russia supplies over 50% of India's oil imports in July
What's the story
India's dependence on Russian crude oil has hit an all-time high, with imports from the country accounting for 50.83% of total imports in July or or 2.47 million barrels per day (bpd) This is a 62.4% increase from last year, though it is slightly lower than June's record figure of 2.6 million bpd. The data comes from trade sources and highlights India's growing reliance on Russian oil amid global supply chain disruptions and geopolitical tensions.
Tariff impact
US tariffs on Russian oil create uncertainty for Indian refiners
In January, Indian refiners started reducing their imports of Russian oil to avoid higher US tariffs. The move was part of ongoing trade negotiations between New Delhi and Washington.
However, supply disruptions in the Middle East due to the Iran war forced Indian refiners to continue sourcing Russian barrels.
Now, India's crude buying from Russia faces uncertainty after the US Senate passed legislation imposing a 100% tariff on buyers of Russian oil.
Market shift
Record rise in Russian oil imports
Russia's share in India's crude imports has increased from about 37% last year to a record 43.25% in the first four months of the current financial year.
The data also shows that Latin America's share has increased from 3.5% to 12.7%, mainly due to higher imports from Brazil and Venezuela.
This shift highlights how geopolitical factors are reshaping global oil trade dynamics, with India at the center of these changes.