Now Reading: India’s Russian crude imports hit record 2.8 million bpd in July
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India’s Russian crude imports hit record 2.8 million bpd in July
India’s Russian crude imports hit record 2.8 million bpd in July
India imported a record 2.8 million barrels per day (bpd) of Russian crude in July, up 2.1% from June and accounting for 55.5% of total crude imports of over 5 million bpd,…
The Story in Brief
India imported a record 2.8 million barrels per day (bpd) of Russian crude in July, up 2.1% from June and accounting for 55.5% of total crude imports of over 5 million bpd, according to data from the Centre for Research on Energy and Clean Air (CREA). The purchases were worth 5.5 billion euros, with crude making up 87% of India's Russian fossil fuel imports last month. Russia supplied less than 100,000 bpd to India in 2021.
The July surge was driven by higher intake at smaller ports such as HMEL Mundra and Indian Oil's Vadinar terminal, even as imports at Paradip fell 22%. Separately, the government told Rajya Sabha that India has widened its energy sources, now buying crude from 41 countries and LNG from 15, up from 27 and six earlier. The US has warned of possible tariffs on buyers of Russian oil.
The Indian Opinion
The narrative that India is recklessly funding Russia's war ignores a basic fact: every country scrounges for the cheapest energy. Indian refineries processed Russian crude and shipped $284 million worth of refined products to sanctioning nations in July alone, including to the EU and US. The real test is whether Washington will actually impose the threatened 100% tariff on a country that has become an indispensable middleman for global fuel supply.
Sources (2): businesstoday.in, timesnownews.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
