Russia is expected to remain India’s largest crude oil supplier during July and August, accounting for nearly half of the country’s total crude imports despite evolving geopolitical developments and tighter international sanctions. The continued dominance of Russian crude reflects Indian refiners’ preference for competitively priced cargoes that help manage input costs and sustain refining margins.
Since Western sanctions reshaped global oil trade flows, India has significantly increased purchases of Russian crude, making Russia its primary supplier ahead of traditional exporters such as Iraq, Saudi Arabia, and the United Arab Emirates. The availability of discounted grades, coupled with established shipping and payment mechanisms, has enabled Indian refiners to maintain strong import volumes.
Industry analysts expect Russian crude to contribute around 50% of India’s total oil imports through July and August, with both state-owned and private refiners continuing to secure long-term and spot cargoes. The steady inflow is expected to support refinery operations amid robust domestic fuel demand and healthy export opportunities for refined petroleum products.
The sustained import volumes also highlight India’s strategy of diversifying energy sources while ensuring affordable crude supplies. Refiners continue to balance purchases from Russia with imports from the Middle East, the United States, and other producing nations to maintain supply security and operational flexibility.
Market participants said future buying patterns will depend on crude price movements, freight costs, sanctions-related developments, and global supply dynamics. However, Russia is expected to retain its leading position in India’s crude import basket in the near term, reinforcing the strong energy trade relationship between the two countries.