India’s imports of Russian crude oil reached a record high in July, with 2.8 million barrels per day (bpd) making up 55.5% of the country’s total crude imports. This marked the first time Russian oil surpassed half of India’s crude intake. July’s imports increased by 2.1% from June and significantly exceeded India’s average of 1.8 million bpd in 2024, highlighting Russia’s growing importance as a supplier.
Indian buyers purchased Russian crude worth 5.5 billion euros, which constituted 87% of India’s total fossil fuel purchases from Russia that month. In addition to Russian oil, India also increased imports from Saudi Arabia and Iraq. Notably, crude shipments from Kuwait resumed for the first time since March.
This surge in imports comes amid increasing tensions and threats to shipping routes, particularly in the Strait of Hormuz. Although the U.S. Senate has moved closer to imposing tariffs of up to 100% on major Russian oil importers, Indian officials assert that their purchasing decisions are guided primarily by economic factors, rather than geopolitical considerations.
The reliance on discounted Russian oil, coupled with rising volumes from Gulf nations, illustrates India’s strategy to balance supply security with the risk of potential tariffs from the U.S. as it navigates complex geopolitical waters.
