India’s Russian Oil Imports Drop 26% in August Amid Supply Crunch
What Happened
India’s imports of Russian crude fell 26% in August to 2.08 million barrels per day (bpd) from a record 2.82 million bpd in July. The decline was driven by tighter Russian export availability, stronger competition from Chinese refiners, and maintenance shutdowns at some Indian refineries. Russia’s share in India’s crude basket dropped to 45% from 55.9% a month earlier, while imports from Venezuela rose to their highest level since 2020.
Key Takeaways
The drop highlights growing competition for discounted Russian crude and the risks of supply disruptions. For India, it underscores the need to diversify energy sources, though Russian oil is expected to remain a major part of the country’s import mix in the near term.