National · 5 updates
India's crude oil imports from Russia hit a record 2.8 million barrels daily in July. This surge accounted for over half of the country's total crude purchases. Meanwhile, LPG imports heavily favored the United States, supplying seventy-three percent of July's total. Refiners also increased sourcing from West Asian suppliers as Strait of Hormuz flows normalized. Saudi Arabia, Iraq, and Kuwait saw rising exports to India during this period.
According to GTRI’s analysis, in June India imported crude oil worth $14.8 billion from all sources, of which $7.2 billion came from Russia. This translated into a Russian share of 48.6%.
While Russia’s share in India’s oil imports fell to 44%, from a historic high in July, the shares of both the U.S. and the UAE surged, resulting in the cumulative shares of the three countries reached an all-time high
Refiners began reducing their exposure while the bill was still moving through Congress, before Trump signed the Russia and Iran Sanctions act into a law.
Reliance Industries Ltd.'s Jamnagar refinery in Gujarat supplied six of the seven cargoes unloaded at EU ports that month, despite the bloc's ban on fuel made from Russian crude