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India Beats China To Become Russia’s Top Oil Buyer In July
India became the largest importer of Russian oil in July beating China which reduced its purchases due to lower profit margins in fuel production
Data on Indian shipments from trade and industry sources revealed that Russian crude imports increased by 12% year-on-year to 44% of India’s total imports last month, reaching a record high of 2.07 million barrels per day (bpd). The imports increased 4.2% from June.
According to Chinese customs data, India’s July oil imports from Russia exceeded China’s 1.76 million bpd, which included both pipeline and shipment deliveries. Indian refiners have been taking advantage of discounted Russian oil following Western nations’ sanctions against Moscow and their reduced energy purchases in response to Russia’s invasion of Ukraine.
Data on Indian shipments from trade and industry sources revealed that Russian crude imports increased by 12% year-on-year to 44% of India’s total imports last month, reaching a record high of 2.07 million barrels per day (bpd). The imports increased 4.2% from June.
According to Chinese customs data, India’s July oil imports from Russia exceeded China’s 1.76 million bpd, which included both pipeline and shipment deliveries. Indian refiners have been taking advantage of discounted Russian oil following Western nations’ sanctions against Moscow and their reduced energy purchases in response to Russia’s invasion of Ukraine.
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