India's Russian Crude Imports Hit Record 2.8M Barrels Per Day in July

India's imports of Russian crude oil reached a record 2.8 million barrels per day in July, marking the second consecutive month of peak volumes and underscoring the country's deepening reliance on discounted Moscow supplies despite escalating pressure from the United States. The surge, which saw Russian crude account for approximately 55.5% of India's total oil imports, occurred as a bill cleared the U.S. Senate that could authorize President Donald Trump to impose tariffs of up to 100% on major buyers of Russian energy.

According to data from the Centre for Research on Energy and Clean Air (CREA), Indian refiners imported Russian crude worth 5.5 billion euros in July, a 2.1% increase from June in volume terms. This brought India's total Russian hydrocarbon imports for the month to 6.4 billion euros, with crude oil constituting 87% of the total. The record intake was driven not by India's two largest Russian crude receiving terminals, Jamnagar and Paradip, but by a significant increase in shipments to smaller ports. Imports through HMEL Mundra rose 58% from June, volumes at Indian Oil's Vadinar terminal increased 35%, and receipts through Mumbai climbed 37%. These gains offset...