Russia's share of India's oil imports exceed 50% in July — Reuters
Russia supplied more than half of India's oil imports in July. Russian oil shipments increased by 62% year-on-year, reaching a new record.
India's oil imports from Russia soared to a record high in July, with shipments from the country constituting 50.83% of total imports, according to Reuters. This makes Russia the second-largest source of crude for India, which is the world's third-biggest oil buyer and consumer, consuming 2.47 million barrels per day. Indian imports of Russian oil surged by 62.4% year-on-year in July, a significant increase from the record 2.6 million barrels per day in June, which saw a decline of 4.8%.
The report revealed that Indian oil refineries started reducing their Russian oil imports in January to dodge higher US tariffs, which were being negotiated during peace talks with the US. However, the situation changed when supply disruptions due to the Middle East conflict led to a rise in Indian refineries' purchases of Russian crude.
Now, India's Russian oil purchases are facing uncertainty following the US Senate's approval of a bill that suggests 100% tariffs on Russian oil buyers, adding further economic pressure to Moscow's position following its 2022 invasion of Ukraine.
Written by urgent.news from Ukrinform - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
