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In July, India surpassed China to become the world’s largest importer of Russian oil. Last month, Russia exported a record 2.07 million barrels of oil to India per day, up 4.2% from the previous month and 12% from the previous year.
Russian oil accounts for a record 44 percent of India’s total imports, Reuters reported, citing Indian supply data from trade and industry sources.
Chinese refiners bought less oil last month due to lower margins on fuel production. In July, Russia shipped 1.76 million barrels per day of oil to China.
Indian refiners buy Russian crude at a discount. Moscow offers it to them after Western countries imposed sanctions on Russia over its invasion of Ukraine and restricted purchases of Russian raw materials.
“Unless sanctions are further tightened, India’s demand for Russian oil will increase,” an Indian refinery source told Reuters.
Since the outbreak of Russia’s war against Ukraine in February 2022, India’s trade with Russia has increased, mainly driven by imports of oil and fertilizers.
Iraq was India’s second-largest oil supplier in July, followed by Saudi Arabia and the United Arab Emirates.
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