Russia Captures Record Share of India’s Oil Market
Crude oil imports from Russia accounted for over 50% of India’s total import volumes last month. This was the highest share of Russian oil in India’s import mix, Reuters noted in a report that cited unnamed trade sources. Russia exported crude at a rate of some 2.47 million barrels daily to India last month, which was a 62.4% surge from a year ago and represented a 50.83% share of total oil…
Last month, crude oil imports from Russia accounted for nearly half of India's total oil imports, marking the highest share ever, according to Reuters, citing unnamed trade sources. Russian oil shipments to India surged by 62.4% compared to the previous year, reaching 2.47 million barrels daily, which accounted for 50.83% of India's total oil imports.
However, this was a slight dip compared to the monthly average of 2.6 million barrels in June, the highest average monthly Russian oil shipments to India. Despite a U.S. sanction waiver, Kpler estimated Russian oil flows to India averaged 2.45 million barrels daily in July. Russia remains India's largest oil supplier, with the United Arab Emirates and Saudi Arabia following with much lower volumes of 617,000 and 586,000 barrels daily, respectively.
Since April 1, the start of India's new fiscal year, Russian oil shipments have averaged over 2 million barrels daily, making up over 42% of India's total oil imports. This is a significant increase from 37% a year ago. However, potential U.S. sanctions, which include imposing 100% tariffs on imports from countries that buy Russian crude, could impact India's Russian oil imports.
The Senate has passed the bill, but it still awaits approval from the House of Representatives. This situation is complicated by the ongoing Middle East war, which limits alternative oil sources for India's refiners, even with record U.S. exports.
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