Russian share of India's oil imports surges to record high in July

• Russian oil imports hit 2.47 million bpd in July, representing over half of India's total crude imports for the first time, though slightly down 4.8% from June's record of 2.6 million bpd
• Middle Eastern suppliers' share dropped to 33% in July from 45% a year earlier, with UAE overtaking Iraq as India's second-largest supplier after exiting OPEC in April
• U.S. Senate passed legislation imposing 100% tariffs on Russian oil buyers, creating uncertainty for India which relies on imports for over 90% of its crude oil needs

SUMMARY

Russia's share of India's crude oil imports reached a record high of 50.83% in July 2026, with shipments totaling 2.47 million barrels per day (bpd), according to trade data. This represents a 62.4% year-over-year increase, though volumes declined 4.8% from June's record 2.6 million bpd.

Key Figures:

• Russia supplied over half of India's oil imports in July
• India is the world's third-largest oil buyer and consumer
• The country imports more than 90% of its crude oil needs

Market Dynamics:

Indian refiners initially reduced Russian oil purchases in January to avoid higher U.S. tariffs while New Delhi pursued trade negotiations with Washington. However, Middle East supply disruptions forced refiners to maintain Russian barrel purchases.

Russia remained India's largest crude supplier during April-July. The United Arab Emirates, which exited OPEC in April, overtook Iraq as the second-largest supplier, up from fourth place in 2025, by offering large volumes through spot tenders.

Outlook and Risks:

Future Russian crude purchases face significant uncertainty following U.S. Senate passage of legislation imposing 100% tariffs on Russian oil buyers—part of ongoing economic pressure over Moscow's 2022 Ukraine invasion. The measure awaits House of Representatives approval.

The shift toward Russian crude came primarily at the expense of Middle Eastern suppliers, whose market share declined correspondingly.

Investment Implications:

India's heavy dependence on imports (90%+ of crude needs) makes it highly vulnerable to global oil trade disruptions. The evolving U.S. sanctions landscape and geopolitical tensions could force Indian refiners to restructure supply chains, potentially affecting global crude flows and pricing dynamics.