Russia Remains India’s Top Crude Oil Supplier With Record Imports in July

Despite oil shipments through the Strait of Hormuz returning to normal and Indian refiners actively increasing their purchases from Middle Eastern countries, Russia firmly holds its position as India’s largest supplier of crude oil. According to ship-tracking data from Kpler, India imported over 5 million barrels per day (bpd) of crude oil in July. Out of this total volume, imports from Russia soared to a record high of 2.8 million bpd, pushing Russia’s share of India’s total crude imports to a massive 55.5 percent.

Following the outbreak of the Ukraine war in 2022, India began procuring large volumes of Russian crude at heavily discounted prices. Although these financial discounts have narrowed significantly over time, India continues to purchase at these record levels, a trend largely driven by the long-term reliability of the supply chain. Market analysts also point out that recent drone strikes on Russian refineries have severely curtailed their domestic refining capacity, which has effectively made more raw crude oil available for international export.

Simultaneously, oil supplies originating from the Middle East are witnessing a rapid recovery. Crude exports from Saudi Arabia jumped from 2.9 lakh bpd in June to 4.2 lakh bpd in July. Supply from Iraq, which had come to a complete halt earlier in April, resumed in May and steadily climbed to 1.3 lakh bpd by July. Kuwait has also officially restarted its oil shipments to the Indian market after a three-month hiatus. While crude imports from the United Arab Emirates saw a marginal decline, the UAE still comfortably retains its position as India’s second-largest overall oil supplier.

In a separate development highlighting shifting global energy dynamics, the United States has further solidified its dominance over India’s Liquefied Petroleum Gas (LPG) imports. Out of the 1.2 million tonnes of LPG imported by India in July, approximately 9 lakh tonnes—accounting for a sweeping 73 percent of the total volume—were sourced directly from the US.