Russia remained India’s top oil supplier in August

The country supplied 45% of India’s oil imports last month despite lower import volumes and the threat of steep US sanctions Russia remained India’s largest supplier of crude oil in August, selling around 2.1 million barrels per day (bpd), or 45% of the country’s total imports, data from maritime intelligence firm Kpler shows.

Russian shipments were down from a record 2.8 million bpd in July, when they accounted for more than half of India’s crude purchases.

However, India’s overall imports also declined to around 4.6 million bpd in August, nearly 8% below the more than 5 million bpd bought the previous month.

Indian refiners ramped up purchases in May, June, and July to guard against potential supply shortages amid the conflict in the Middle East.

The August decline reflected some normalization after months of heavy buying, scheduled maintenance at Indian refineries, and lower availability of Russian crude, according to Kpler.

“August was less a story of India voluntarily stepping away from Russian oil than of Russia having fewer barrels to offer,” Abu Dhabi-based commodity analyst Natalia Katona told the Financial Express.

Lower Russian seaborne exports and stronger competition from Chinese refiners for available cargoes also weighed on supplies to India, she said.

The United Arab Emirates, Saudi Arabia, and Venezuela were among India’s other leading oil suppliers during the month.

Venezuelan shipments rose sharply, reaching their highest level since 2020, according to Kpler data.

Read more Russia sanctions bill: A new pressure tool aimed at India Russian oil has remained an important part of India’s energy mix as it seeks to secure supplies amid disruptions affecting shipments through the Strait of Hormuz.

India imports around 90% of the crude oil it consumes.

The purchases have continued despite the prospect of new US tariffs targeting major buyers of Russian oil.

The Lindsey O.

Graham Sanctioning Russia and Iran Act, which cleared the US Senate last month, would allow tariffs of up to 100% on imports from the five biggest buyers of Russian oil.