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's imports of Russian crude hit a record for the second straight month in July, reaching 2.8 million barrels per day (bpd). That accounted for 55.5% of India's total crude imports of…
The Story in Brief
India's imports of Russian crude hit a record for the second straight month in July, reaching 2.8 million barrels per day (bpd). That accounted for 55.5% of India's total crude imports of just over 5 million bpd, according to data from the Centre for Research on Energy and Clean Air (CREA). The July volume was 2.1% higher than June and well above India's 2024 average of 1.8 million bpd. Russia has been India's top crude supplier since 2023, providing 39% of imports.
The July surge was driven by smaller ports like HMEL Mundra (up 58%) and Vadinar SMPL (up 35%), while major terminals Jamnagar and Paradip saw flat or falling volumes. CREA also said Indian refineries processing Russian crude exported €214 million of products to the EU and €234 million to the US in July, despite sanctions banning such trade. Five cargoes from Indian refineries using Russian crude reached EU ports.
The Indian Opinion
The West calls India a backdoor for Russian oil, but the data shows a more nuanced picture. Indian refineries are processing discounted crude and then exporting products to sanctioned countries, including the EU and US, worth €284 million in July. New Delhi is playing a careful game: buying cheap oil for its own use while letting its refiners profit from arbitrage. The real test will come if the US actually imposes the threatened 25% tariff on Russian crude buyers. Will India blink, or will it call the bluff? The July record suggests New Delhi feels confident.
Source: businesstoday.in
This story was synthesised by AI from the source linked above.
