In July, India reached a record level of dependence on Russian crude oil: supplies from Russia accounted for 50.83% of the country’s total oil imports, equivalent to 2.47 million barrels per day. These figures were provided by Reuters.
According to reports, India’s oil imports from Russia rose by 62.4% in July compared with the same period last year, however, there was a 4.8% decline compared to June’s record high of 2.6 million barrels per day.
In January, Indian companies began reducing their purchases of Russian oil due to fears of high tariffs being imposed by the U.S., as New Delhi continues negotiations on a trade agreement with Washington. Despite this, problems with oil supplies from the Middle East caused by the war with Iran have forced India to continue purchasing Russian crude.
The prospects for further purchases of Russian oil are in question following the U.S. Senate’s approval of a bill imposing 100 percent tariffs on buyers of Russian oil, which has not yet been approved by the U.S. House of Representatives.
During the first four months of the new fiscal year, which began in April, Russian oil accounted for a record 43.25% of India’s imports. Average daily imports exceeded 2 million barrels, whereas at the same time last year, the figure was approximately 37%.
The main factors driving the growth in Russian oil imports were declining shipments from the Middle East, where their share fell to 30% in April–July, compared with 43% a year earlier. At the same time, imports from Latin America increased, reaching 12.7%, thanks to shipments from Brazil and Venezuela.
India meets more than 90% of its oil needs through imports, leaving itself vulnerable to global market fluctuations. Russia continued to lead in oil supplies to India from April through July, while the UAE took second place, ahead of Iraq.
It is reported that the UAE, having left OPEC, supplied India with more oil through spot tenders, which allowed Indian companies to increase their imports. Last year, however, the UAE ranked fourth among India’s oil suppliers.
July also saw a decline in the price of Russia’s main crude oil grade, which fell to pre-Middle East conflict levels, intensifying financial pressure on Russia, which is already facing difficulties due to the war against Ukraine.
Experts fear that if prices remain low, it will be difficult for the Russian government to control the growing budget deficit. In June, AntiCredit reported that Russian oil exports had reached their highest level since early 2026. However, the decline in global prices following the peace agreement between the U.S. and Iran reduced Moscow’s revenues and intensified competition with Middle Eastern suppliers.
To optimize its energy security and reduce vulnerability to external factors, India continues to diversify its imports by strengthening ties with various oil-producing countries. Additional information provided by the source АнтиКредит.