India has once again set a new record for Russian crude oil imports, with volumes reaching an unprecedented 2.8 million barrels per day (bpd) in July. This surge represents approximately 55.5% of India's total crude imports for the month, according to data compiled by the Centre for Research on Energy and Clean Air (CREA).
The July intake demonstrated a 2.1% increase from June's figures and significantly surpassed India's average Russian crude imports of about 1.8 million bpd recorded throughout 2024. The total value of Russian crude purchased by India in July amounted to 5.5 billion euros, constituting 87% of its overall Russian fossil fuel acquisitions.
Surging Import Volumes and Historical Context
India's reliance on Russian oil has dramatically increased since the invasion of Ukraine in February 2022. Prior to the conflict, in 2021, Russia supplied less than 100,000 bpd to India, making up only about 2.5% of its crude imports. This figure jumped to approximately 740,000 bpd in 2022 and nearly 1.8 million bpd in 2023, solidifying Russia's position as India's largest crude supplier, accounting for about 39% of its imports last year.
Globally, India now stands as the second-largest buyer of Russian crude, absorbing an estimated 37% of Russia's crude oil exports during the analysis period, trailing only China's 50% share.
Smaller Ports Drive Growth
The record-breaking increase in July was primarily fueled by higher import volumes through several smaller terminals across India. Notably, imports through HMEL Mundra surged by 58% from June, while volumes at Indian Oil's Vadinar SMPL terminal rose by 35%, and Mumbai saw a 37% increase. This growth at smaller facilities more than compensated for a 22% decline in volumes at Paradip and unchanged imports at Jamnagar, India's two largest recipients of Russian crude.
Refined Products Reach Sanctioning Nations
India's role in the Russian oil trade extends beyond direct crude purchases. Indian refineries, processing Russian crude, have continued to export refined oil products to countries that have imposed sanctions on Russia. In July, refineries in India, Turkiye, Brunei, and Georgia, utilizing Russian crude, exported 633 million euros worth of oil products to sanctioning nations.
- European Union: 214 million euros
- Australia: 184 million euros
- United States: 234 million euros
CREA estimates that 284 million euros of these exports were refined from Russian crude. Remarkably, five cargoes from Indian refineries using Russian crude were unloaded at EU ports in July, despite the bloc's ban on imports of oil products made from Russian crude, which came into effect on January 21. Shipments to the US also originated from India's Jamnagar refinery, which reportedly used approximately 35% Russian crude in its feedstock during the three months leading up to July.