Russian share of India's oil imports surges to record high in July
XLE•Russia's share of India's imports hits a record
Indian dependence on Russia's crude surged to a record in July, with shipments from the country making up 50.83% of imports by the third-biggest oil buyer and consumer, or 2.47 million barrels per day, data from trade sources showed.
India's July imports of Russian oil were up 62.4% from a year earlier, but down 4.8% from June's record figure of 2.6 million bpd, the data showed.
Tariff risk and supply disruptions shape buying
In January, Indian refiners began cutting Russian oil imports to avoid higher U.S. tariffs as New Delhi negotiates a trade deal with Washington.
However, disruptions to Middle East supply triggered by the Iran war compelled Indian refiners to keep buying Russian barrels.
But India's Russian crude buying faces uncertainty after legislation passed by the U.S. Senate this month to impose tariffs of 100% on buyers of Russian oil, stepping up economic pressure on Moscow over its 2022 invasion of Ukraine.
The House of Representatives has yet to approve the measure.
Supplier mix shifts toward Russia and Latin America
Russia's share of India's crude imports hit a record 43.25% in the first four months of the financial year that began in April, averaging more than , up from a share of about a year earlier, the data showed.
