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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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