The record
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- India imported a record 2.8 million barrels per day of Russian crude oil in July, the highest monthly level ever, lifting Russia's share of India's total crude imports to over 55.5%.
- The report attributes the surge to surplus Russian crude available after drone attacks reduced Russian domestic refining activity.
- Meanwhile, the US emerged as India's dominant LPG supplier, accounting for about 73% of over 1.2 million tonnes imported in July.
- India also raised purchases from Gulf suppliers, with Saudi and Iraqi imports rising sharply, while Brent crude prices fell around 5% to about $83.53 per barrel.
What to watch next
- Whether Russia's share of Indian crude imports stays above 55% as its exportable surplus changes
- Trends in US LPG supply dominance for India
- Geopolitical risks at the Strait of Hormuz and Bab al-Mandab affecting oil flows and India's sourcing choices
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Named India · Russia · United States · Saudi Arabia · Iraq · Kuwait · United Arab Emirates · UAE · Kpler
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