New Delhi: India’s crude oil imports from Russia climbed to a record 2.8 million barrels per day (mbd) in July, accounting for more than half of the country’s total crude purchases during the month. The increase comes amid heightened geopolitical tensions in West Asia and concerns over the security of key global shipping routes, particularly the Strait of Hormuz.
According to the latest figures, Russia remained India’s largest crude supplier, continuing a trend that began after New Delhi started purchasing discounted Russian oil following the outbreak of the Ukraine conflict in 2022. The July imports matched record levels and reinforced Russia’s position as India’s leading source of crude oil.
While crude imports remained heavily dependent on Russia, India’s Liquefied Petroleum Gas (LPG) purchases continued to be dominated by the United States. Of the approximately 1.2 million tonnes of LPG imported during July, more than 900,000 tonnes were sourced from the US, reflecting India’s broader strategy of diversifying its energy imports.
The surge in Russian crude purchases coincided with renewed tensions in West Asia following developments involving the Strait of Hormuz, one of the world’s busiest energy shipping corridors. The route handles a significant share of global oil and gas trade, making any disruption a major concern for energy importing nations.
Industry analysts attribute the strong flow of Russian crude to the continued availability of export cargoes. Reduced domestic refining activity in Russia, partly due to attacks on refining infrastructure, has reportedly increased the volume of crude available for international buyers. At the same time, discounts on Russian Urals crude have narrowed because of tighter supplies and growing demand.
India has consistently maintained that its energy procurement decisions are guided by national interest and the need to ensure affordable and uninterrupted supplies for its population. Alongside Russian imports, New Delhi continues to expand its energy partnerships with countries including the United States, Brazil, Guyana and several African nations as part of a broader strategy to diversify sources and reduce dependence on any single supplier or maritime route.
