India overtook China as the largest buyer of Russian oil last month, according to a report, which cited import data from both countries.
In July, Russian crude exports to India hit a record 2.07 million barrels per day (bpd), surpassing the 1.76 million bpd sent to China.
India’s imports of Russian crude increased by 12% compared to the previous year, while China, the world’s largest crude oil importer, saw a 7.4% decline in imports over the same period.
The drop in Chinese imports was attributed to weaker processing margins among refineries and reduced demand for fuel.
Both India and China have taken advantage of discounted Russian oil after the West partially embargoed Russian energy and the G7 countries imposed a price cap of $60 per barrel in response to Russia’s 2022 invasion of Ukraine.
Meanwhile, Russia’s oil and gas revenues have surged, indicating Moscow’s ability to bypass Western sanctions.
“India’s requirement for Russian oil is going to go up as long as there is no further tightening of sanctions,” an official said.
Russian crude accounted for a record 44% of India’s total oil imports in July, the report added.
I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.
