NEW DELHI: In July, India overtook China as the largest importer of Russian oil, driven by reduced purchases from Chinese refiners who faced lower profit margins from fuel production. Russian crude accounted for a record 44% of India’s total oil imports, reaching 2.07 million barrels per day (mbpd), marking a 4.2% increase from June and a 12% rise compared to the previous year, according to trade and industry data.
This figure surpassed China’s July imports of Russian oil, which stood at 1.76 mbpd, including both pipeline and shipment deliveries, based on Chinese customs data.
Indian refiners have capitalized on discounted Russian oil, available after Western nations imposed sanctions on Moscow in response to its invasion of Ukraine. The ongoing conflict has significantly boosted India’s trade with Russia, particularly in oil and fertilizer, helping to stabilize global prices and curb inflation.
“India’s demand for Russian oil is expected to rise further, provided there are no additional sanctions,” said a source from the Indian refining industry.
