Russia maintains its dominance over India's oil imports in July, while Saudi shipments recover from June lows
As an experienced news reporter for a leading daily, here is my analysis of India's oil import trends in July based on shipping data:
Indian refiners upped Russian crude purchases to over 2 million barrels per day last month, setting a new high since June 2021. Crude from Moscow accounted for a significant 43% share of India's total imports of 4.82 million bpd during the period.
Imports of flagship Urals crude from Russia grew to 1.42 million bpd in July, underscoring the grade's popularity among Indian buyers due to its attractive pricing. Shipments of ESPO crude, another key Russian variety, also rose to a record 160,000 bpd last month as available volumes increased.
Meanwhile, Saudi shipments recovering from a multi-year low in June to reach 660,000 bpd in July, albeit still below pre-Ukraine war levels. The price differential between Middle Eastern barrels and discounted Russian supplies is believed to have supported the demand shift towards the latter in recent months.
Iraq held on to its number two position with stable supplies of 800,000 bpd to India last month. Overall, the data highlights New Delhi's pragmatism in tapping multiple sources to meet its energy needs, while also securing the best deals amid global market uncertainties.
