In July, India surpassed China to become the world’s largest importer of Russian oil.
July saw a record import of 2.07 million barrels per day (bpd) of Russian crude. This accounted for 44% of India’s total imports.
This is a 4.2% increase from June and a 12% increase from the same month last year.
That was more than China’s 1.76 million barrels per day of oil imports from Russia through pipelines and shipments in July.
Since Russia started its war against Ukraine in February 2022, India’s trade with Russia has grown, mainly as a result of imports of oil and fertiliser.
Last month, Iraq remained India’s second-largest oil supplier, followed by Saudi Arabia and UAE.
India’s crude purchases from Middle East increased by 4% in July, bringing the region’s share in India’s overall mix to 40% from 38% in June.
