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India’s Russian crude imports hit a record 2.8 million bpd in July

July Russian crude made up 55.5% of India’s total crude imports, with deliveries supported by shifting tanker routes amid risks in the Strait of Hormuz and Red Sea.

Reported · Written up by our desk · Energy

India’s crude oil imports from Russia rose to a new record in July, reaching 2.8 million barrels per day, according to vessel-tracking data by Kpler cited by OilPrice. The figure marks an increase from the prior monthly high of 2.7 million bpd in June and represents the highest average monthly volume on record.

OilPrice reports that total Indian crude oil imports were just over 5 million bpd in July, slightly higher than June. Russia accounted for 55.5% of India’s overall crude imports last month.

The outlet attributed the heavy reliance on Russian supplies to continued dependence by Indian refiners amid shipping threats in the Strait of Hormuz and, more recently, around the Bab el-Mandeb Strait in the Red Sea. OilPrice also said Saudi Arabia and Iraq saw higher crude imports for India as millions of barrels moved out of the Persian Gulf during a mid-June to mid-July window when tanker traffic was tentatively open.

In addition to record Russian volumes, OilPrice reported that India imported crude from Kuwait for the first time since March, and that the United Arab Emirates remained its second-largest crude supplier behind Russia, supported by rising production and shipments loaded on tankers outside the Strait of Hormuz. The outlet added that India maintained high Russian imports even after the end of the U.S. waiver the previous month.

Latest closeWTI crude $86.80 ▲3.8%

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