India’s Russian Crude Imports Hit Record 2.8M BPD in July

Indian refiners achieved a new milestone in July, importing a record 2.8 million barrels per day (bpd) of Russian crude oil. This marks the second consecutive month of record intake for India, solidifying its position as a major buyer.

• Russian crude imports: 2.8 million bpd in July
• Share of India’s total crude imports: 55.5% (from just over 5 million bpd total)
• Increase from June: 2.1%
• Compared to 2024 average: Significantly higher than 1.8 million bpd

This surge represents a substantial increase from previous years, reflecting a growing reliance on Russian energy since February 2022. Russia, which supplied less than 100,000 bpd to India in 2021, grew to become India’s largest crude supplier by 2023.

• Russian crude to India in 2021: less than 100,000 bpd (2.5% of imports)
• Russian crude to India in 2022: approximately 740,000 bpd
• Russian crude to India in 2023: nearly 1.8 million bpd (39% of imports)
• India’s global ranking: Second-largest buyer of Russian crude, accounting for an estimated 37% of Russia’s crude oil exports, behind China (50%)

Financial Outlay and Hydrocarbon Mix

The Centre for Research on Energy and Clean Air (CREA) reported that India’s Russian crude purchases in July totaled 5.5 billion euros. This figure constituted 87% of India’s total Russian fossil fuel acquisitions during the month.

• Total Russian hydrocarbons imported by India: 6.4 billion euros
• Coal imports from Russia: 512 million euros
• Oil products imports from Russia: 341 million euros

Drivers of July’s Import Surge

The notable increase in July’s imports was primarily attributed to heightened activity at several smaller terminals across India. This compensated for declines observed at some of the larger receiving ports.

• HMEL Mundra imports: 58% rise from June
• Indian Oil’s Vadinar SMPL terminal imports: 35% increase
• Mumbai imports: 37% growth
• Jamnagar imports: Remained stable
• Paradip imports: 22% decline

Refined Product Exports to Sanctioning Nations

Beyond direct purchases, India plays a critical role in the global Russian oil trade by refining crude and subsequently exporting the refined products to countries that have imposed sanctions on Russia. This activity highlights India’s complex position in the energy market.

• Total oil products exported to sanctioning countries by India, Turkiye, Brunei, and Georgia: 633 million euros
• Exports to the EU: 214 million euros
• Exports to Australia: 184 million euros
• Exports to the US: 234 million euros
• Estimated value derived from Russian crude (CREA): 284 million euros

Five cargoes from Indian refineries processing Russian crude were unloaded at EU ports in July, despite the EU’s ban effective January 21. Additionally, shipments to the US originated from India’s Jamnagar refinery, where Russian crude comprised about 35% of its feedstock in the three months leading up to July.