India Becomes Top Buyer of Russian Oil, Surpassing China

India became the top buyer of Russian oil in July 2024, surpassing China. Russian crude made up 44% of India's overall imports, reaching 2.07 million barrels per day, up 4.2% from June and 12% year-over-year.

Record Russian Oil Imports to India

India overtook China as the largest importer of Russian oil in July 2024
Russian crude made up 44% of India's overall imports, a new record
Imports reached 2.07 million barrels per day (bpd), up 4.2% from June and 12% year-over-year
ESPO Blend crude imports to India jumped to 188,000 bpd

Factors Driving India's Increased Russian Oil Purchases

Western sanctions on Russia led to discounted oil prices
Indian refiners capitalizing on these discounts to boost imports
Shift in trade patterns since Russia's invasion of Ukraine in February 2022
Increased imports helping to keep global prices stable and control inflation
Indian refining source: "India's requirement for Russian oil is going to go up as long as there are no further tightening of sanctions"

China's Reduced Russian Oil Imports

Chinese imports from Russia fell to 1.76 million bpd in July
Decrease due to lower profit margins for Chinese refiners
Tepid fuel demand in China, especially in the northeast
Traditional ESPO Blend crude buyers in China reducing purchases

Impact on Global Oil Trade and India's Import Mix

Changing flow of Russian ESPO Blend crude from China to South Asia
Iraq remains India's second-largest oil supplier
Saudi Arabia and United Arab Emirates follow as third and fourth largest suppliers
Middle East's share of India's oil imports rose to 40% in July from 38% in June
India's crude purchases from the Middle East increased by 4% in July

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